- Shopify adds support to Facebook’s Libra Association
- Shopify partnership a breath of air after several partners dropped out
- Facebook Libra project still facing regulatory issues
- U.S congress yet to decide appropriate verdict for Facebook Libra Project
Libra News Update – Facebook’s Libra association recently added a new member to its chains of partner after losing several partners in its bid to create a new cryptocurrency. Facebook Currency – the partnership deal was announced on February 21, 2020, Shopify announced it will join the independent collective established by Facebook. According to Shopify the aim of the partnership goes thus:
“Our mission is to make commerce better for everyone, and to do that, we spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better. That’s why we decided to become a member of the Libra Association. This is one step, but not the only step we’ll be taking to be a part of the solution to this global problem.”
Shopify partnership a breath of air after several partners dropped out
Facebook Libra Project – According to the press release by Shopify, the decision to join the Facebook Libra association is part of its attempt “to make commerce better in parts of the world where money and banking could be far better.” Libra Association executive has termed the Facebook Libra project as a way to make a dependable form of currency available and transferable globally. Moreover, the underdeveloped and underbanked communities are of particular interest for this cause.
Libra Currency – Sadly, the lawmakers have dented the aim back in October 2019 in a hearing with Facebook’s CEO Mark Zuckerberg. Shopify’s recent membership with Libra Association follows a step of deflection from the association in the months since its debut in 2019. Facebook currency – Due to the issue the proposed currency is having with regulatory bodies, payments companies were among the first to drop their partnership after U.S lawmakers called on the executive from Visa, MasterCard and Stripe to evaluate the risks involved with the proposed crypto.
Facebook Libra project still facing regulatory issues
Libra News Today – In all of this, Facebook’s history with handling consumer’s data was always cited. All three companies dropped their partnership from the Libra Association and would soon be joined by Booking Holdings, Vodafone, Mercado Pago,eBay, and PayPal. Facebook Libra Project still encounters criticism from regulators globally. With series of congressional briefings held last year, lawmakers questioned Facebook executives on their readiness to conform with significant U.S agencies and asked for guarantees that Facebook Libra Coin would not affect the U.S dollar.
U.S congress yet to decide appropriate verdict for Facebook Libra Project
Facebook Libra Coin – Facebook’s CEO Mark Zuckerberg told the House Financial Service Committee back in October 2019 that Facebook would leave the Libra Association whenever it is decided to launch the payment system before getting U.S regulatory approval. Facebook Libra Coin – Notably, Zuckerberg is not in support of the suspension of the Facebook Libra project while congress decides the most suitable step forward.