- Facebook Remains Positive on The Launching of Its Libra Project
- Major Partners are Backing Out from Supporting Libra
Facebook has been in the news a couple of news due to its plan to develop its cryptocurrency known as Libra. The currency which is aimed at replacing traditional money globally is currently facing some difficulties launching. As a result of this, major partners like MasterCard and Visa have backed out from it, also regulators and lawmakers have made a mockery of the plan.
There have been many speculations about Facebook’s intended currency, some of which is why Facebook needed to develop a cryptocurrency, the Libra project was gradually introduced inside Facebook for over a year now. Mark stated that he has always been interested in digital coins like Bitcoin. At inception the company brought over 27 partners that were ready to push and influence the global adoption of the cryptocurrency, currently, only 21 partners remain.
Facebook is not relenting on its plan, the company, last week tried to pull lawmakers and regulators to its side in a court meeting, the Chief executive, Mark Zuckerberg, is expected to prove the authenticity of Libra at a hearing held by the House Financial Services Committee.
Major Partners are Backing Out from Supporting Libra
Facebook is putting a lot of effort into making the Libra project come alive, the company has committed about eight lobbyists to Libra since the project was openly introduced in June, according to regulatory filings. The head of Facebook’s cryptocurrency’s effort, David Marcus, went through some parallel track of meetings.
In a meeting with the House Financial Services Committee last week, Zuckerberg in his speech depended on the Libra project and explained every controversial subject about the currency. In attendance in the meeting were Patrick T. McHenry of North Carolina and Maxine Waters of California.
In his speech he gave at the meeting with the World Bank and a group of 30, a global organization of financiers and academics, Marcus defended Libra earnestly to the global leaders. He also met with the staff of Republican and Democratic members of the House Committee.
Amongst the major partners remaining, only Spotify seems to be publicly pushing the Libra project, Marcus stated that there has not been much help from the 21 remaining partners, as they have not been supporting the project openly. He went further to explain that PayPal is former coming before joining Facebook also dropped its support for the Libra project.
When asked if the company is relenting due to the setback it is facing, Marcus stated: “If you think about this over the long run, if it works, then it’s going to be a very good thing for Facebook. And a very good thing for the world.”