Facebook Can’t Guarantee that Libra Will Happen

According to Facebook’s latest quarterly report, its highly talked about blockchain digital currency Libra, may not even happen.

The social media site said that it cannot guarantee that Libra “will be made available in a timely manner, or at all.”

Facebook reminded investors in its latest quarterly report that while it expects to launch its Libra digital currency in 2020, a number of factors could keep that from happening.

The risk factor section of the company’s report said that Facebook “recognizes the significance of the pushback that’s come from lawmakers and regulators.” The project had only been announced in June and has faced a lot of backlash.

“Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue,” Facebook said in an SEC filing.

U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell, as well as other politicians, have concerns about Libra.

“We want lawmakers to know it’s a much more intricate industry [than just Facebook],” said Kristin Smith, director of external affairs at the Blockchain Association. “Facebook just doesn’t have a good reputation on the Hill. We didn’t want to inherit the legacy reputational problems they have.”

Disclaimer: We have no position Facebook, Inc. Common Stock (NASDAQ: FB) and have not been compensated for this article.