Facebook Libra will be the Cryptocurrency of U.N.

Facebook Libra United Nation

During the blockchain event held in United Nation headquarters in Geneva, Bertrand Perez said the cryptocurrency could help the intergovernmental organization achieve its sustainable development goals (SDGs) in areas such as eliminating poverty and achieving gender equality.

Libra is planned as a stablecoin backed by a reserve of fiat currencies and government bonds. It is slated for launch in mid-to-late 2020, although Facebook CEO Mark Zuckerberg yesterday appeared to suggest that timeline is not set in stone.

“When we (made) the announcement in June, that was our North Star,” Perez said of the June 2020 launch date, adding that a delay of one or two quarters would not be an issue.

“What is important is that we need to comply with the regulators and we need to make sure that they are on board with us and fully comfortable with our solutions.”

“We knew that we would have to answer lots of questions coming from regulators on both sides of the Atlantic, and from other parts of the world,” he added in an interview at the United Nations offices in Geneva.

France has said it would seek to block Libra in the EU due to the threat to its “monetary sovereignty,” while Germany and the U.S. have also expressed similar fears.

Perez stressed:

 “We are not in the area of implementing any monetary policy with the [Libra] Reserve.”

Last week David Marcus, head of Calibra at Facebook, signaled that a 2020 launch for Libra remains the goal, despite regulators’ pushback, by saying that the team behind Libra would address all concerns to create a suitable regulatory environment.