Twenty-one organizations form the Libra association; however, Facebook has been the only one that seems to have stalled the progress of the crypto project.
For this reason, Facebook’s CEO, Mark Zuckerberg, in a statement on Wednesday declared openly that the company would leave the Libra Organization and also quit to do with the development of the Libra coin if the project isn’t approved by regulators.
“We will certainly stop Facebook’s part of it,” Mark Declares.
Facebook, which is the main initiator of the Libra project, seems to be the only hindrance to getting the project approved by appropriate regulators. This is for no other reason than the inability of regulators trusting Facebook with financial information and for the fact that the coin itself could threaten the existence of the US dollar.
Because of this, Mark Zuckerberg, Facebook’s CEO, while facing Congress again, to defend the project, made it known that Facebook was ready to relinquish its roles even if the other members would carry on with the project.
“We will certainly stop Facebook’s part of it. We’re not going to launch anything that doesn’t have regulatory approval,” Mark pronounced.
Facebook Affirms It Won’t Have A Hand In Anything That Isn’t Regulated.
Mr. Zuckerberg also said that Facebook would not be a part of any unregulated project.
“Of course, as a big company, we’re not going to do something that isn’t regulated or is decentralized,” he said.
This statement comes as a shock to Libra enthusiasts as it contradicts the goal of which the project was to be established – as an open-source, decentralized project.
Would Libra Survive Without Facebook?
It is not clear at this point if the Libra project will proceed or terminate if Facebook chooses to leave.
So far, MasterCard, Visa, PayPal, and Stripe have backed out of the project because they do not want to be associated with the “scene.” It’s also not clear if these financial payment giants will choose to come back after Facebook’s exit.
However, Facebook’s involvement in the project could accelerate Libra’s adoption much faster.