Facebook Libra launch could get delayed due to regulatory concerns

"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," Perez said, acknowledging that regulatory concerns may delay the launch of Libra.

He added that it's important "to comply with the regulators and we need to make sure that they are on board with us."

Notably, in June, Representative Maxine Waters, Chairwoman of the US House Financial Services Committee had asked Facebook executives to testify before Congress. She observed that by readying a cryptocurrency, "Facebook is continuing its unchecked expansion and extending its reach into the lives of its users."

Further, France's finance minister also asked central bank heads from G7 countries to write a report on the project.

Though there could be a delay, Facebook wants to launch its digital currency by 2020.

Speaking to a Swiss newspaper NZZ, David Marcus, the executive leading the Libra project, said that "the goal is still to launch Libra next year."

"Until then, we'll need to address all questions adequately, and create a suitable regulatory environment," he noted.

Now, Libra is just like any other digital currency. You'll buy some Libra coins with real money and store it in a blockchain-based digital wallet called Calibra. The wallet will be integrated into Facebook Messenger, WhatsApp, and other approved third-party wallets for easy access.

Hence, by using your phone, you will be able to send Libra to friends or make payments for online/offline services.

Libra will not be controlled by Facebook. Instead, the social media giant has formed a non-for-profit Libra Association that will govern the development of the token.

The Association, which currently has 28 members including Visa, MasterCard, Spotify, Uber, and Vodafone, will also regulate something called as Libra Reserve - an asset pool that will ensure every unit of Libra has a stable intrinsic value.