Facebook Will Not Release Libra before It Is Approved and Fully Resolved by Regulators

David Marcus, CEO of Facebook's Libra project, told CNBC yesterday, a day before the House Banking Committee hearing, that he would not release the virtual currency Libra until "regulatory concerns are fully resolved and authorities have approved it."

Apparently mindful of Trump's recent participation in the criticism of the virtual currency, CEO David Marcus said, "buying Libra does not generate profits. The goal of the virtual currency Libra is to pay and remit money. It is an asset package, including multiple legal currencies such as the U.S. dollar, the British pound, the Chinese yuan, etc.

Therefore, "people would not buy Libra to hold it like stocks or bonds. People will use Libra to send money to their families in other countries or buy goods," he explained.

Marcus is scheduled to appear at a House Banking Committee hearing on Wednesday and at a House Financial Services Committee hearing on Thursday.

Public hearings on Libra are now drawing attention not only from the U.S. but from around the world. President Trump's critical remarks about Bitcoin and Libra two days ago were the beginning, which may have a negative impact on the virtual currency market and its development. That is why while governments are anxious about the financial risks that Libraries could bring, Marcus' testimony could be a positive factor in the market and industry as opposed to the one that would convince lawmakers.

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