In an interview with French news magazine Les Echos on Sept. 12, Bertrand Perez, director general of the Libra Association, said the cryptocurrency will be launched in the second half of 2020.
According to Perez, however, Facebook does not wish to create new supplies of money via the token. He drew comparisons to BlackRock, the world’s largest asset manager, saying the social media giant did not want to compete in that market.
“We don’t want to become a new BlackRock.That’s why these concerns about the destabilizing effect our reserve currency could have on central banks’ fiat currencies — which figure in our basket — seem unfounded to us,” he told Les Echos
Perez also confirmed Libra would be tied to a selection of major world currencies, but notably not the Chinese yuan.
He said that until the cryptocurrency launch, all doubts of the regulators will be eliminated: “We set aside a year for the launch — this time will allow us to resolve all problems.”
As previously reported, Bruno la Maire, French Minister of the Economy and Finance said that the country will block the development of Libra in Europe because it threatens the “monetary sovereignty” of governments.