Facebook CEO Mark Zuckerberg is confident about launching their cryptocurrency called Libra amid excessive criticism and pushback from governments. Facebook boss reaffirmed his commitment to launching Libra cryptocurrency on Wednesday during Facebook's earnings call.
Last month, Facebook revealed its plans for Libra that sparked fears of unintended consequences of a loosely supervised global currency.
Swiss financial market supervisory authority FINMA has already pledged to conduct oversight of the Geneva-based Libra Association that will watch over Facebook's cryptocurrency. Facebook's Libra cryptocurrency is expected to debut in the first half of 2020.
Zuckerberg said Facebook publicly released details about Libra to invite questions and open dialogue that is currently taking place.
"Facebook from a few years ago would have probably just showed up and tried to release a product on our own," Zuckerberg said of Libra during the call with analysts.
Zuckerberg also reiterated Facebook's idea, which is to provide 'safe and stable and well-regulated product.'
"That's always been the strategy and we'll continue to engage here," said Zuckerberg.
To know more about Facebook's Libra cryptocurrency, you can read some of our previous articles on the subject. However, Libra is most likely to enjoy its own independent presence.
"It's one of the biggest areas that we're focused on for the next several years," Zuckerberg added.
Libra is set to compete with other existing, dominant cryptocurrencies like Bitcoin.
Recently, Ministers from the Group of Seven (G7) major global economies and central bankers raised concerns about Libra's dangers for the global economy.
G7 ministers "agreed that projects such as Libra may affect monetary sovereignty and the functioning of the international monetary system," France, the current G7 chair, said in a statement.
It also said projects like Libra with a "global and potentially systemic footprint... raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented."
Zuckerberg's reassurances about Libra's launch coincides with the FTC announcing a record $5 billion fine against Facebook stemming from its investigation into the Cambridge Analytica data privacy scandal.
(With inputs from PTI)