At least 3 members considering cutting ties with Facebook’s Libra project – Report

At least three companies out of 27, which are part of the Facebook’s Libra project, are reportedly considering to disassociate themselves from the project.

The Financial Times reported the news on Friday, saying that the increased regulatory scrutiny of the project has led to such consideration. Two members told the FT that they were concerned about the regulatory issues, while another member said that they were worried about publicly supporting Libra.

“I think it’s going to be difficult for partners who want to be seen as in compliance [with their own regulators] to be out there supporting [Libra] ,” one of the founding members of the Libra Association told the news source.

The Libra Association comprises of big-name companies such as Visa, Mastercard, PayPal, Uber and Spotify. However, Visa CEO and chairman, Alfred F. Kelly, recently said that no company has officially joined the project yet.

Facebook announced the Libra project in mid-June and since then has faced intense regulatory scrutiny from around the world. Facebook’s blockchain lead, David Marcus, recently assured senators and lawmakers in the U.S. that Libra won’t launch until all concerns are addressed.

A group of six U.S. lawmakers, led by Democratic Congresswoman Maxine Waters, is also going to visit Switzerland, the association’s headquarters, in “the coming days” to discuss the Libra project. 


At least 3 members considering cutting ties with Facebook’s Libra project – Report written by Yogita Khatri @ https://www.theblockcrypto.com/tiny/at-least-3-members-considering-cutting-ties-with-facebooks-libra-project-report/?utm_source=rss&utm_medium=rss&utm_campaign=default August 23, 2019 Yogita Khatri

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