Cryptocurrency

WSJ: Visa, Mastercard and other companies thought about quitting the Libra cryptocurrency project from Facebook

Regulators are demanding that measures be taken to prevent Libra from being used for money laundering, but Facebook cannot provide a clear answer, sources say.

  • Visa, Mastercard and other financial partners of Facebook may refuse support for the Libra cryptocurrency , which the social network plans to launch, sources told The Wall Street Journal. Some companies have allegedly rejected Facebook’s offer of public support for the project.
  • Facebook introduced Libra and a wallet for using the Calibra cryptocurrency in June 2019 – the launch is scheduled for 2020. Partners of the social network are Mastercard, Visa, Spotify, PayPal and other financial and technological companies. In June, The New York Times reported that, due to potential regulatory issues, some companies signed non-binding agreements with Facebook.
  • According to WSJ sources, under pressure from regulators from different countries, the association’s members are demanding a clear answer from Facebook: what measures are being taken to prevent Libra from being used for money laundering and terrorist financing. However, Facebook is shying away from a clear answer, the newspaper writes. After the publication of the material, Facebook top manager David Marcus, who oversees the project, called these messages “an absolute lie.”
  • According to WSJ, on October 14, 2019, the partners should meet in Geneva to discuss the charter of the “Libra Association”, which they are a member of, and also to appoint a board of directors. Among the countries concerned about the launch of Libra are the USA, France, Great Britain and others.

Visa, Mastercard, Others Reconsider Involvement …Cracks are forming in the coalition Facebook assembled to build a global cryptocurrency-based … WWW.WSJ.COM

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