Facebook can abandon its plans to launch the Libra cryptocurrency project facing heavy pressure from the regulators. The company has prepared the Q2 2019 report for the US Securities and Exchange Commission (SEC) in which it was stated that Libra and related projects could be closed.
"There can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all,” reads the document.
Facebook stressed that they may suspend development of Libra or stop it due to regulatory uncertainty in the field of digital money. The company noted that they do not have enough experience with cryptocurrencies and blockchain, which may adversely affect the ability to create products of this kind.
“We will also incur increased costs in connection with our participation in the Libra Association and the development and marketing of associated products and services, and our investments may not be successful. Any of these events could adversely affect our business, reputation, or financial results,” Facebook team declared.
Last week, Mark Zuckerberg stated that the Libra project would not be launched without the permission of regulators. The head of the social network stressed that the company was expecting many questions from the authorities and are ready to answer them.