Ripple CEO Brad Garlinghouse believes that it is highly unlikely that Facebook will launch Project Libra next year and that it would take at least three years for it to get back on track and make a launch, if ever.
From restraints by US regulators, criticism by international government entities to its supporters backing out, Facebook’s enterprising project Libra has witnessed skepticism of all sorts. The once awe-inspiring project by the world’s most influential organizations that was set out to transform the face of traditional banking is now hanging by a thread. Amidst all of this, Ripple’s boss Garlinghouse is only fanning the flames.
Ripple CEO not confident of Project Libra launch
In his interview with Fortune magazine on Oct 07, Garlinghouse expressed severe concerns over the social media giant’s capability in making this launch happen. According to him, Libra would not be in the pipeline even by the end of 2022.
What isn’t working in favor of the ambitious project is the tightened security over user privacy and the US government’s hold back on parallel currencies challenging the US dollar monopoly. Above all else, Facebook’s recent stint with data privacy lawsuits is only making things worse for the firm, states Garlinghouse.
With all that said, Ripple’s head was one of the first cryptocurrency industry’s influential figures to congratulate Facebook over its white paper launch earlier this year. He was the initial few to express the excitement over the project when the Libra proposal ruled the headlines.
However, as more details come to light regarding the US lawmakers’ anxiety and Facebook’s privacy debacles, Garlinghouse thinks it is still far from becoming a reality.
Too many headwinds for Libra, Garlinghouse
Garlinghouse explains that the headwinds Facebook is facing are massive, and if it hadn’t been for its tainted reputation, the opposition would have looked at Project Libra more receptively. And while Facebook is determined to achieve a go-ahead from the US regulators before the launch, Garlinghouse believes that it is going to be an uphill task.
It is essential to point out that Ripple’s technology boasts of facilitating cross-border payments without having to go through banks or financial institutions. Meanwhile, Project Libra is aimed at creating an ecosystem of users who seamlessly transfer money from one end to the other end of the world, without intermediaries and transaction fee.
Thus, although Ripple’s boss does not consider Facebook Libra as a rival, it may go head to head with one of the most formidable companies in the world, if ever Libra is to launch.