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Facebook CEO Mark Zuckerberg has reaffirmed the social network's commitment to its cryptocurrency project, saying that they will spend “however long it takes” to address the concerns of all regulators and experts.
Zuckerberg made this statement in a recent quarterly earnings call where he was asked about Libra, CoinDesk reports. Specifically, the question had to do with the opposition that they were facing with regards to the stablecoin from authorities ever since the announcement was made last month.
“Facebook from a few years ago would have probably just showed up and tried to release a product on our own, now the approach on all of these fronts is to outline the ideas and the values that we think an eventual service should have,” the Facebook co-founder said.
“We've opened a period of - however long it takes to address regulators and different experts and constituents’ questions about this and then figure out what the best way to move forward is. And that's certainly what we're planning to do with Libra.”
Zuckerberg further said that they worked with 27 members of the Libra Association to “publish the white paper to put the idea out there.”
"We are trying to provide a safe and stable and well-regulated product, so that's always been the strategy and we'll continue to engage here," he added.
Earlier this week, Visa CEO Alfred F. Kelly Jr. had clarified that the 27 members of the Libra Association have only "expressed interest" and have not officially joined the project.
Earlier this month, Facebook’s blockchain head David Marcus testified before the U.S. lawmakers and the Senate Banking Committee this week and emphasized that the crypto project would not be launched until all regulatory concerns are fully addressed. He also revealed the plans to expand the Libra Association to 100 members.
