The release of Libra may be delayed due to regulatory concerns around the world, Bertrand Perez, executive director and chief operating officer of the Libra Association, told Reuters.

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The release of Libra may be delayed due to regulatory concerns around the world, Bertrand Perez, executive director and chief operating officer of the Libra Association, told Reuters.

Three months ago, Facebook (FB.O ) announced plans to launch the cryptocurrency in June 2020 and formed the Libra Association with partners including other U.S. tech giants to manage the project.

However, attempts to mainstream cryptocurrencies have run into regulatory and political skepticism around the world, with France and Germany saying they would block Libra from operating in Europe.

In an interview at the United Nations Office in Geneva, Perez talked about (Libra's) planned launch date of June 2020, saying: "When we announced the project in June, that was our goal. But it was delayed by one or two months. Quarters are also acceptable. Importantly, we need to comply with regulators, and we need to make sure they are in the same boat as us and fully accept our solution. We need to make sure they work with us and are fully committed to our solution Satisfied. We know we have to answer many questions from regulators on both sides of the Atlantic and the rest of the world."

• In an interview at the United Nations Office in Geneva, Perez talked about (Libra's) planned launch date of June 2020, saying: "When we announced the project in June, that was our goal. But it was delayed by one or two months. Quarters are also acceptable. Importantly, we need to comply with regulators, and we need to make sure they are in the same boat as us and fully accept our solution. We need to make sure they work with us and are fully committed to our solution Satisfied. We know we have to answer many questions from regulators on both sides of the Atlantic and the rest of the world."

As Facebook expands into e-commerce, Libra will be backed by a reserve of real-world assets, including bank deposits and short-term government securities, and governed by the Libra Association, which now has 28 members.

The structure is designed to promote trust and stability, and price volatility is plaguing cryptocurrencies, making them unusable for commerce and payments.

Last week, David Marcus, a Facebook executive in charge of the project, said in an interview that the company still plans to launch the digital currency in 2020.

• “Our goal is still to launch Libra next year. Until then, we need to fully address all issues and create a suitable regulatory environment.”

The Libra Association has so far lagged behind Facebook in the project's popularity, but Perez emphasized that the association is independent of Facebook, which will have equal voting power in the association's decisions as other members.

Other members of the Libra Association include Vodafone, PayPal, Mastercard and Visa.

Before joining Libra this May, Perez was a senior director of payments engineering at PayPal. He added: "As we all know, this project was incubated at Facebook and launched at Facebook, but at an early stage the project decided that this should be a public good and not controlled by a single entity."

Perez concluded by emphasizing: "The Libra Association is clearly an association, not a subsidiary of Facebook."