Libra Woes

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dealmaker

Libra Woes


Bad news for Facebook's Libra cryptocurrency project: some founding backers (who remain as yet unidentified) told the Financial Times that they're already considering pulling out, thanks to regulatory scrutiny that has somehow come as a surprise to them. Meanwhile, Facebook is apparently annoyed that other members of the nascent consortium aren’t backing the plan more vocally. FT
 
Libra has been criticized since its appearance. Also I read cryptocurrency news about various government regulations on different sites. I heard that France is going to ban it. Frankly speaking, I can't even predict the future of this currency.
 
Making money. Facebook’s digicoin, Libra, will not stock the Chinese yuan in its currency basket. The exclusion could be a way to win favor with Facebook’s U.S. home market, where officials are wary of China’s growing economic influence. Also this week, the governor of China’s central bank commented for the first time on Beijing’s plans to launch a national cryptocurrency, but denied it would be released any time soon. Nikkei Asian Review
 
Libra Woes


There's yet another report of Facebook's partners in the Libra cryptocurrency project getting cold feet, thanks to regulatory scrutiny. The Wall Street Journal says the likes of Visa and Mastercard have turned down Facebook's requests to publicly support the scheme that they tentatively signed onto a few months ago. WSJ
 
As of yesterday, the Netherlands-base PayU is the only payments firm still left...
ScreenHunter_6922 Oct. 12 10.40.jpg
 
Libra Troubles


Facebook's Libra project has had a very bad last few days. First it was key partners such as Visa and Mastercard pulling out. And now, more evidence of the regulatory pushback that scared them away: a draft G7 report effectively saying the project must not proceed until Facebook can prove the virtual coin is legal, and that it protects consumers and shuts out money launderers or terrorism financers. BBC
 
Libra Charter


The remaining members of the Facebook-led Libra Association have signed their charter, following the departure of players such as Visa, Mastercard, Stripe, PayPal and eBay—and Booking Holdings, which bailed at the last minute. That leaves the likes of Lyft, Uber, Spotify and Vodafone supporting the social network's cryptocurrency play. Fortune
 
Libra No


So, will Twitter ever sign up to Facebook's Libra cryptocurrency play? "Hell no," says CEO Jack Dorsey. "It’s not an Internet open standard that was born on the Internet. It was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want our company to stand for.” The Verge
 
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