The U.S. giant has said in its latest Q2 report filing to the U.S. Securities and Exchange Commission (SEC) that it may not launch its stablecoin.
According to the document, Facebook might not issue its cryptocurrency due to regulatory uncertainty:
"There can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all."
According to the report, the regulatory uncertainty around cryptocurrencies as well as the changing legislation and investigations by regulators may delay or impede Libra's launch.
In addition, the social network has added that it has no experience in the crypto and blockchain industry, so it may not be able to develop and market its products appropriately.
Facebook officially announced its crypto project on June 18. At that time, the social network launched the Calibra site as well as the white paper for its stablecoin. The reaction of regulators was almost immediate. They fear that Facebook's cryptocurrency could become a threat to financial stability due to the company's huge user base.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.