Libra won't launch in 2020, majority of 2020 Outlook Survey respondents say

Most respondents to The Block's 2020 Outlook Survey believe Libra, the cryptocurrency project begun by Facebook, won't launch this year.

Of the 106 respondents – drawn from the worlds of venture capital investing, financial services, and the digital assets industry as a whole – 72 or 67.9% of them said "no" when asked whether Libra will launch in 2020. Thirty-four or 31.1% of participants said "yes."

While The Block's survey didn't focus on the possible factors that might determine whether Libra goes live this year, recent news developments around the project hint at potential headwinds. 

Earlier this month, for example, the president of Germany's central bank, Jens Weidmann, called on banks to develop faster and cheaper payment offerings to counter Libra. In December, U.S. Federal Reserve governor Lael Brainard criticized the project, highlighting "a core set of legal and regulatory challenges."

The Libra Association, the project's umbrella organization, continues to press ahead. Last week, it established a five-member steering committee that will direct Libra's technical roadmap. 

More insights from our 2020 survey can be found in The Block 2020 Research Outlook report from the Genesis team.