News by Coingeeek: Admir Aljic
Facebook’s plan to launch its own cryptocurrency may be delayed beyond 2020. It appears that growing concerns related to regulation may bring a delay to the launch of Libra which was expected to occur in June 2020.
That news has sent shockwaves through the digital currency world, as crypto markets have fallen because of what is deemed as “chaos” regarding the speculation. One virtual currency exchange even saw a “dramatic crash” within minutes after the news that Libra may be delayed was revealed.
Not everyone is saying this is a bad thing, however. Some are not only reveling in the news but are giving you the opportunity to make some money off of the delay. CoinFlex, in particular, is offering prediction futures on whether Libra will actually launch next year or not.
This crypto derivatives exchange is offering futures contracts that will be settled based upon whether Facebook is able to launch its digital coin in 2020. The initial futures opening (IFO) will begin on October 24. The price will be set at $0.30, as it is believed that there is a 30% likelihood that Libra will launch by the end of next year.
For those looking to get in on the deal, the IFO will offer you just 30 minutes to participate to purchase contracts at that price. Traders will be able to bet on both long and short-term trades, with a cap of $1.1 per Libra.
In a statement, CoinFlex CEO Mark Lamb explained, “Facebook has the ability to rival the entire global banking system from day one, but, because of that fact, when that first day will be is far from certain. The political backlash has been brutal, and it’s anyone’s guess if Facebook will get this over the line.”
For those who do not get in on the initial IFO at CoinFlex, don’t feel you are left out of the market. The CEO of the Singapore-based exchange Three Arrows Capital, Su Zhu, explained that his platform will also likely be offering such an opportunity. He recently stated, “This can be interesting if it gathers liquidity as its kind of a prediction market on Libra.”
All the speculation has come from a growing number of countries creating regulations designed to protect investors and remove potential money laundering and scams from the digital currency market. In addition, countries such as France and Germany have pledged to block Libra from operating in Europe. It is these kinds of events that are likely to stand in the way of the launch of the Facebook currency, maybe stopping it from launching at all.