Stormclouds Gather for Facebook's Libra Currency

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Stormclouds gather for Facebook's Libra currency

International outcry is mounting over Facebook's Libra-with central banks, governments and regulators railing against the social media giant's upstart cryptocurrency. Facebook unveiled plans in June for Libra-which will roll out in 2020-to be backed by a basket of currency assets to avoid the wild swings of Bitcoin and other virtual units. Facing staunch opposition in Europe, Libra's boss admitted to AFP late on Thursday that it could yet decide not to operate in the region.

"We do not want to play at being pirates," said Bertrand Perez, managing director of the Libra Association, on the sidelines of a cryptocurrency event in Paris. "If the European Central Bank refuses us permission to operate in Europe, then we will not operate there," Perez said, describing regulatory concerns as "legitimate" but not insurmountable.

The Libra Association, a nonprofit organisation based in Geneva, has been formed to oversee the digital currency's network.

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