Cryptocurrency News Today – Headlines for October 16

  • Banks Are Showing Interest to Join the Libra Association
  • Will Facebook Allow Banks and Financial Institutions to be Part of the Libra Association?
  • Libra Association Would Have 100 Members Before Libra Launches – Perez

Cryptocurrency News Today – Facebook seems to be having a lot of issues with its digital currency project. The digital currency, which is expected to be launched by now, is still struggling to get regulatory approval. Many are waiting in anticipation for the launch of Facebook’s Libra Coin. The crypto project of Facebook already has the backing of many top players in several industries. However, Facebook is yet to get the green light that it is looking for. Nevertheless, more bullish news around the project is popping up. Recently, more banks have been showing interest to join the Libra Association.

Banks Are Showing Interest to Join the Libra Association

Recently, the acting managing director and Chief Operating Officer of the Libra Association – Bertrand Perez – said that many firms, including banks, are showing more interest to join the Libra Association – a stablecoin project led by Facebook

In an interview with CNBC that was published yesterday, Perez said that banks and financial institutions have shown interest in joining the Libra project. However, the Libra Association executive did not mention the name of any bank or company. Nevertheless, he said:

We have reputable companies that are also very active in the financial and banking space.”

Will Facebook Allow Banks and Financial Institutions to be Part of the Libra Association?

At the moment, no bank or financial institution is part of the Libra Association. The Libra Foundation currently has 21 founding members. Initially, there were 28 founding members of the Libra Association, including Facebook. However, that number dropped over the past couple of weeks. Some weeks ago, seven high-profile firms pulled out of the project. The seven firms that pulled out of the project are eBay, PayPal, MasterCard, Visa, Stripe, Booking Holdings, and online marketplace MercadoLibre.

Libra Association Would Have 100 Members Before Libra Launches – Perez

Despite these top firms dropping out, Perez is very much confident that the Libra Association would have 100 members by the time the project launches. However, he admitted that the launch of the project could be delayed due to the intense regulatory scrutiny. In a statement, he said:

We are aware that we need to answer a lot of questions coming from the regulators and to make them comfortable with the platform and that requires time. He added that launching a few quarters later or before makes no real change.”

Facebook is currently having issues with regulators and the firm is yet to get the green light to launch the crypto project. No one knows when the project will eventually launch, but many believe it would launch definitely.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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