in the face of massive criticism of Facebook’s planned digital currency Libra some great partners to reconsider according to U.S. media, their participation in the project.
The credit card giants Visa and Mastercard, as well as other financial partners have been deterred by the resistance of politics in the United States and Europe, reported the Wall Street Journal, citing insiders.
Therefore, Facebook was rebuffed with some of the companies involved with the Please, Libra public support to pronounce. According to information from the financial service Bloomberg, the Online are undecided-payment services PayPal and Stripe, because of the regulatory headwinds in the meantime. The company has not commented on the Report on demand first.
The digital currency to be managed by the Libra Association, with headquarters in Switzerland. Facebook had presented the idea of Libra in the summer, a good two dozen well-known partners who wanted to take part. First official members shall be called in the coming weeks, said the with Facebook for the development of Libra competent Top managers, David Marcus, according to the Report. He has no plans of individual companies known to back down to be. To be a part of it, “calm and confident” the “legitimate concerns” over Libra to tackle.
Facebook had recently rejected the concern of supervisors, according to Libra in the sovereignty of Central banks could intervene. In the case of digital currency, no new money will be spent, what will remain sovereign States, reserved, stressed Marcus.
Libra is to be secured according to previous plans, one-to-one with a Mix of stable currencies and government bonds. If someone buys Libra with a classical currency, should the money go directly into this Fund. Libra would then act as a System for fast international money Transfers. Politicians and regulators fear, however, that the Fund could lead, given its size, to distortions on the money markets.
The “Wall Street Journal” also wrote that some of the Libra Partner would get from Facebook, despite Requests, no detailed information on how money laundering and terrorist financing should be prevented. Marcus dismissed it via Twitter as “categorically untrue”.
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