Libra Lacks Concrete Plans For 2020 Launch: Board Member

The cryptocurrency project by Facebook named Libra has no concrete strategy to launch in 2020. As Patrick Ellis who is a board member told Reuters, Libra lacks concrete plans that will determine how or where the digital currency would launch next year.

“At this stage, there is no strategy set in stone for the markets or the product, or how it will actually get rolled out,” Ellis noted.

However, when asked about Libra and whether it would launch in 2020, Ellis confirmed and said “yes.” For those of you who haven’t been following the Libra news before, the controversial ‘cryptocurrency’ project from Facebook ruffled a lot of feathers across the globe as more regulators panicked about its potential impact on the global financial system.

The tech giant also sent the world in a frenzy when first announcing its plans to enter the payments realm with the launch of the Libra stablecoin. However, Libra lacks concrete plans right now and this is confirmed by a board member.

What’s also important to mention is the fact that at first, Facebook had support from 28 companies including the likes of Visa, MasterCard and PayPal. Now, the situation is different and the cryptocurrency news show that many of these partners including Visa, MasterCard and PayPal have backed out – mostly because of the warnings and air concerns issued for Libra by regulators.

All of this adds up to the story that Libra lacks concrete plans. Back in October, Hard Fork reported that Facebook’s upcoming cryptocurrency was slowly turning into a soap opera and that it was probably going to be a long season. It seems like this prediction is not far off from the reality.

Even though Facebook is determined to launch the stablecoin in 2020, we can see that Libra lacks concrete plans and it is now impossible to know the exact date of the launch. The apparent lack of a concrete strategy seems out of character for the social media giant.

Meanwhile, news from the market show that cryptocurrencies are in the green today but still without much action that is needed in order for a bullish trading session to kick off.