‘Libra coin a long way from launch’

Bloomberg

Facebook Inc Chief Operating Officer Sheryl Sandberg said the company’s planned cryptocurrency coin, Libra, is a “long way from launch.”
The social-media giant unveiled plans for a new global financial system based on a so-called stablecoin — a digital currency that’s supported by established government-backed currencies and securities. The project, more than a year in the making and including 27 partners, was immediately met with criticism from lawmakers in the US and Europe. Some representatives
in Washington questioned whether it would have appropriate oversight, while the French finance minister said he was concerned about money laundering and terrorism finance.
“Regulators have concerns,” Sandberg acknowledged in an interview with Bloomberg TV at the Cannes Lions International Festival of Creativity. “We’re already meeting with them. We know we have a lot of work to do, but this was an announcement of what we would like to do with a roadmap for people to jump in and help us do it.”