Social media giant Facebook has now itself warned that Libra cryptocurrency may never launch due to “significant” regulatory scrutiny.
“There can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all,” the company's risk disclosure section from its latest Q2 report filing with the SEC read in part.
“Uncertain and evolving” laws and regulations surrounding cryptocurrencies and investigations from regulators around the world may “delay or impede” the launch of Libra, it added.
Facebook also stated that it does not have “significant” prior experience with cryptocurrencies and blockchain technology, which could “adversely” affect its ability to successfully develop and market such products.
“We will also incur increased costs in connection with our participation in the Libra Association and the development and marketing of associated products and services, and our investments may not be successful. Any of these events could adversely affect our business, reputation, or financial results,” the social media giant concluded.