Facebook CEO Mark Zuckerberg confident about launching Libra cryptocurrency amid concerns and criticism from experts

Facebook CEO Mark Zuckerberg is confident about launching ir cryptocurrency called Libra amid excessive criticism and pushback from governments. Facebook boss reaffirmed his commitment to launching Libra cryptocurrency on Wednesday during Facebook's earnings call.

Last month, Facebook revealed its plans for Libra that sparked fears of unintended consequences of a loosely supervised global currency.

Swiss financial market supervisory authority FINMA has alrey pledged to conduct oversight of Geneva-based Libra Association that will watch over Facebook's cryptocurrency. Facebook's Libra cryptocurrency is expected to debut in first half of 2020.

Zuckerberg said Facebook publicly released details about Libra to invite questions and open dialogue that is currently taking place.

"Facebook from a few years ago would have probably just showed up and tried to release a product on our own," Zuckerberg said of Libra during call with analysts.

RE | Facebook needs 'very high standard' for Libra coin: US Treasury

Zuckerberg also reiterated Facebook's idea, which is to provide 'safe and stable and well-regulated product.'

"That's always been strategy and we'll continue to eng here," said Zuckerberg.

To kw more about Facebook's Libra cryptocurrency, you can re some of our previous articles on subject. However, Libra is most likely to enjoy its own independent presence.

"It's one of biggest areas that we're focused on for next several years," Zuckerberg ded.

RE | Cryptocurrencies including Facebook Libra are "t money," says US president Donald Trump

Libra is set to compete with or existing, dominant cryptocurrencies like Bitcoin.

Recently, Ministers from Group of Seven (G7) major global ecomies and central bankers raised concerns about Libra's dangers for global ecomy.

G7 ministers "agreed that projects such as Libra may affect monetary sovereignty and functioning of international monetary system," France, current G7 chair, said in a statement.

It also said projects like Libra with a "global and potentially systemic footprint... raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be dressed before such projects can be implemented." 

Zuckerberg's reassurances about Libra's launch coincides with FTC anuncing a record $5 billion fine against Facebook stemming from its investigation into Cambridge Analytica data privacy scandal.

(With inputs from PTI)