Mark Zuckerberg: We were ready for questions about Libra's cryptocurrency

Facebook founder Mark Zuckerberg promises to spend as much time as it takes to eliminate regulators' doubts about Libra's cryptocurrency. He made this statement during the discussion of the company's financial performance in the second quarter of July 24, Cointelegraph writes.

Zuckerberg said Facebook would have released a new product a few years ago without any prior notice, but the company's practices have changed over time.

"We have opened up a period that will last as long as it takes to answer the questions of regulators, various experts and clients and determine the best vector for further development," he said.

The CEO of Facebook also said that in the process of working on the white paper project, together with other members of the Libra Association, they were fully aware of the fact that the financial industry is subject to strict regulation, which would raise a lot of questions for them.

Zuckerberg explained that work is under way to solve these problems and promised that the firm "will try to provide a safe, stable and well regulated product.

He concluded by saying that Facebook has many projects, including Instagram Shopping, Facebook Marketplace and Whatsapp Business, and Libra has simply attracted the most attention from the public and regulators.

Recently, the CEO of Visa, a founding member of the Libra Association, said that the final decision regarding his company's participation in the project will be based on a number of factors.