Zuckerberg: we will exit from project Libra !!!!

[counos coin]

Zuckerberg: if legislators’ trust is not gained, we will exit from project Libra
CEO of Facebook in a hearing in front of the Congress said that Facebook is no longer in the position of project controller and the operation of Libra is independent.
What do you think about this?

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[DaMut]

Of course, they need to terminate the project because there is no meaning in supporting a dead project. Regulation is important and life of the project if they want to be a regulated stablecoin, if they do not get their trust that means they will not be able to achieve their goal as regulated stablecoin and won't be able to perform as a regulated digital currency.
it is better to close the project and use a different approach other than supporting this if they do not get their trust.

[Hippocrypto]

Of course, they need to terminate the project because there is no meaning in supporting a dead project. Regulation is important and life of the project if they want to be a regulated stablecoin, if they do not get their trust that means they will not be able to achieve their goal as regulated stablecoin and won't be able to perform as a regulated digital currency.
it is better to close the project and use a different approach other than supporting this if they do not get their trust.

Much better for them to withdraw their intentions to support for this project, since the US government has no plans to let this operate in their country. It would be not suitable for their residence, and based on the review more partners of this project given up their support for this due to complicated issues.

[Aabcde]

Mark already understood that if he continued Libra he would only spend money and time. While the US government has not yet given permission related to the project because it is later feared to be a place for sending money for terrorism and money laundering. In addition, many of their partners have resigned to support Mark's project.

[robelneo]

Zuckerberg: if legislators’ trust is not gained, we will exit from project Libra
CEO of Facebook in a hearing in front of the Congress said that Facebook is no longer in the position of project controller and the operation of Libra is independent.
What do you think about this?

Congress is right in asking questions about how they are going to handle compliancy and strong identity verification, to which Zuckerberg answer

is going to have strong identity [verification] and work with all the regulators to make sure we’re at the standard of AML or CFT that people expect.

Zuckerberg wants to distance himself from the Libra coin because he is just one of the association that controls but the Congress hardly believe that, Libra coin and Facebook is difficult to be separated.

Libra coin will have a hard time and their launching is now in question if they cannot satisfy the regulators, so this is going to be a long series of discussions, let's see in the next hearing if they can satisfy the regulators.

[Pet240]

Zuckerberg: if legislators’ trust is not gained, we will exit from project Libra
CEO of Facebook in a hearing in front of the Congress said that Facebook is no longer in the position of project controller and the operation of Libra is independent.
What do you think about this?

Thus is quite interesting, but please, the source will be appreciated.
I am just thinking that if Facebook should opt out, then who are those that will remain in the team? Will they proceed with the project launch?
I guess those questions will get answers by year 2020, because this year itself is almost ending.

[ecnalubma]

I think he just want to distance Facebook from the current scrutiny about Libra project that’s why he claim that it is an independent project, he might be thinking of a possibility that it can hurt Facebooks market status. Zuckerberg is a businessman he probably won’t quit this battle easily.

[Red-Apple]

What do you think about this?

haha, i said this in early days that this shitcoin came out that it won't have a good future at all. the only thing Facebook could ever do was to hype it and pump it. otherwise it was a centralized shitcoin from a shady company that aims to gather everyone's personal information and make money from it.
when the government started to bash it, i was sure it is going to die in the womb.

[Alisorena1993]

Of course, they need to terminate the project because there is no meaning in supporting a dead project. Regulation is important and life of the project if they want to be a regulated stablecoin, if they do not get their trust that means they will not be able to achieve their goal as regulated stablecoin and won't be able to perform as a regulated digital currency.
it is better to close the project and use a different approach other than supporting this if they do not get their trust.

Much better for them to withdraw their intentions to support for this project, since the US government has no plans to let this operate in their country. It would be not suitable for their residence, and based on the review more partners of this project given up their support for this due to complicated issues.

Yes exactly! this is a smart move. I personally think they want to let "satoshi" kinda control the project that they can't fine any legit person or ban , exile , etc..

[masterrex]

Zuckerberg: if legislators’ trust is not gained, we will exit from project Libra
CEO of Facebook in a hearing in front of the Congress said that Facebook is no longer in the position of project controller and the operation of Libra is independent.
What do you think about this?

I think thats weird, in the other article that i read, its contradicting, BTW Libra has a long way to go before they can convince most of the US politician, because the way these politician look on Libra is a treat to US$ dollar it should come up with another convincing idea that Libra is a not treat of US$ dollar, or else Libra project will be scrap, Regulatory thing is hard to do specially when involving cryptocurrency, i think thats unfair.

[bryant.coleman]

Zuckerberg: if legislators’ trust is not gained, we will exit from project Libra
CEO of Facebook in a hearing in front of the Congress said that Facebook is no longer in the position of project controller and the operation of Libra is independent.
What do you think about this?

For me, it is not very surprising. I was somewhat expecting this. I had a feeling that during the past few weeks Zuckerberg was searching for an exit strategy. He is using the senate hearing as an excuse. Perhaps this was one of the reasons why some of their partners exited the scene earlier (PayPal was the first, followed by others including Visa, Mastercard and Stripe).

Mark Zuckerberg initially wanted to use the concept of cryptocurrency to his own benefit by trying to launch his own coin. But he didn't had enough understanding of the way cryptocurrency works, and this led to all the negative consequences. And he did what he had to do, once he realized that he is trying to chew much more than what he could swallow.

[jorenpo]

it is not surprising the facebook withdraw its support on libra. project is already before its launch. and many partners are already given up on it.

[AliMan]

Mark already understood that if he continued Libra he would only spend money and time. While the US government has not yet given permission related to the project because it is later feared to be a place for sending money for terrorism and money laundering. In addition, many of their partners have resigned to support Mark's project.

Good thing for Mark to decide quickly on this issues about Libra project, because if he's going to continue those plans inline with this Project; conflict may arise. With that resignation of all potential supporters of Libra, this really showed a non commendable signs which also intercepted in advance by the Government of USA. Their impression is quite defensive to the countries personal interest on the crimes that might occur eventually when Mark's Libra will be launched.

[NathanJB]

Zuckerberg: if legislators’ trust is not gained, we will exit from project Libra
CEO of Facebook in a hearing in front of the Congress said that Facebook is no longer in the position of project controller and the operation of Libra is independent.
What do you think about this?

This is the ultimate decision that the CEO of Facebook has to make in the coming weeks. I think they are somewhat exhausted already convincing the government of the good objective of their project. And after all the efforts have been made, they still end up failing to gather the trust and support of these people. The loudest voice is still NO. If there is one or two YESes, it is enough for it to be buried among a hundre NOs.

[Pearls Before Swine]

Congress is right in asking questions about how they are going to handle compliancy and strong identity verification

Yes they are, not that I think for a minute that congress is actually concerned about the privacy of facebook users, or anyone's privacy for that matter.  We're the country that has the NSA after all.

I'm not sure there's anything new here.  We all knew that *if* Libra doesn't pass the regulators, facebook would have to abandon the project.  Hearing Zuckerberg say it doesn't change anything in my eyes.  The partners that dropped out already knew this, which is why they did it.

Libra is screwed.  I'm sure I am not the only one who sees this.

[confreslamp]

I do not believe they will exit from Libra, but if lawmakers would not allow Libra to see the light, FB can be the first company to leave the project. However, I am still sure that other companies will finish Libra and will release it sooner or later.

[Alisorena1993]

Mark already understood that if he continued Libra he would only spend money and time. While the US government has not yet given permission related to the project because it is later feared to be a place for sending money for terrorism and money laundering. In addition, many of their partners have resigned to support Mark's project.

Good thing for Mark to decide quickly on this issues about Libra project, because if he's going to continue those plans inline with this Project; conflict may arise. With that resignation of all potential supporters of Libra, this really showed a non commendable signs which also intercepted in advance by the Government of USA. Their impression is quite defensive to the countries personal interest on the crimes that might occur eventually when Mark's Libra will be launched.

I don't think Mark gave up on Libra. I personally think this is their strategy to escape from fine from US government. USA never gonna accept cryptocurrency because the nature of cryptocurrency...
BTC and other altcoins are rival for US$ at the end of the day...

[Aabcde]

Mark already understood that if he continued Libra he would only spend money and time. While the US government has not yet given permission related to the project because it is later feared to be a place for sending money for terrorism and money laundering. In addition, many of their partners have resigned to support Mark's project.

Good thing for Mark to decide quickly on this issues about Libra project, because if he's going to continue those plans inline with this Project; conflict may arise. With that resignation of all potential supporters of Libra, this really showed a non commendable signs which also intercepted in advance by the Government of USA. Their impression is quite defensive to the countries personal interest on the crimes that might occur eventually when Mark's Libra will be launched.

I don't think Mark gave up on Libra. I personally think this is their strategy to escape from fine from US government. USA never gonna accept cryptocurrency because the nature of cryptocurrency...
BTC and other altcoins are rival for US$ at the end of the day...

Maybe. But I am not too interested in Libra issues. Maybe Mark could have established Libra in a supportive country like Singapore, Estonia, Cayman Island, etc. Or it could just change the name Libra to another name lol 
If they accept crypto, they cannot print money again as their wish.

[yazher]

Zuckerberg: if legislators’ trust is not gained, we will exit from project Libra
CEO of Facebook in a hearing in front of the Congress said that Facebook is no longer in the position of project controller and the operation of Libra is independent.
What do you think about this?

If that happens, they must do this thing to protect their reputation from promoting some dead project. However, If they failed to make Libra as one of the Top CryptoCurrency in the crypto industry, I doubt that they will gonna make a new project about blockchain technology again. I see the video of Mark's testifying in the US House Financial Services Committee today. He really meant what he says. This Libra project is not a joke, He is really taking care of it. despite the other big companies leaving them.

[lobat999]

Zuckerberg: if legislators’ trust is not gained, we will exit from project Libra
CEO of Facebook in a hearing in front of the Congress said that Facebook is no longer in the position of project controller and the operation of Libra is independent.
What do you think about this?

Of course! That will be the best option for the Facebook founder if the Libra Association failed to convince the U.S. Government and get their approval on the the merits of the project because he will not risk putting his main company - Facebook into Government pressure or maybe even persecution or jeopardy!

Now I hope they also have other alternatives besides developing Libra and if this project will now push through, maybe Facebook would consider adopting Bitcoin and other notable altcoins into their platform instead. Imho.