- The CEO of Ripple is skeptical about Libra launch in 2020.
- He cites regulatory backlash and doubts among the potential partners.
Ripple’s CEO Brad Garlinghouse believes that the Libra won’t be launched as scheduled in 2020 given regulatory constraints and indecision of the companies that were supposed to support the project.
Garlinghouse shared his thoughts about the stablecoin proposed by Facebook in a recent interview with Fortune.
“I would bet that Libra”¦let’s say, by the end of 2022, I think Libra will not have launched,” Garlinghouse said on the latest episode of *Fortune’s* “Balancing the Ledger.”
Global regulators are opposed to the idea of having such a stablecoins. They are concerned with the possible ripple effects on the global financial system and the economy.
French Finance Minister Bruno Le Mayor wants to block Libra in Europe, and Germany supports this idea.
Meanwhile, one of the early backers of the project, PayPal decided to drop its plans to join the Libra Association, adding to doubts about Libra’s future. Visa and Mastercard are also rethinking the proposed partnership with the project.
Libra was conceived as a way to promote the inclusion of the unbanked. The target audience fo the project is people who do not have access to banking services.
However, there are many countries in the world, where Facebook either banned or does not work properly. It means that the company will have difficulties meeting its goals.
“I think maybe Libra would have been better received if Facebook had not been the point of the arrow. Facebook has been in the crosshairs of a bunch of governments around the world,” Garlinghouse elaborated.
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