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Cracks Appear In Facebook’s Libra Project!

Three partners supporting Libra, Facebook’s digital currency project, are considering leaving.

The Financial Times reported that some organizations that have supported the Libra project from the very beginning have begun to re-evaluate it.

Libra Association
Libra Association, founded specifically for a digital currency project called Libra, is still a very young organization. However, according to sources such as the Financial Times, some cracks are already appearing inside the Libra Association.

Facebook has partnered with many companies for its own digital currency project. These include giant names such as Mastercard, Visa, PayPal, Uber, and Spotify. Each of these companies had to pay a fee of about $10 million to get involved in the project.

Although everything seems to be going well at first, Facebook’s digital currency project has been under heavy criticism, especially lately. It should be noted that the majority of these criticisms come from politicians and regulators in the United States.

What’s the problem?
US officials believe Facebook’s digital currency project is unsecured, which could damage the US dollar.

It seems that this reaction from regulators has already affected Facebook’s partners. Speaking to the Financial Times, one of the partners commented:

“Partners who don’t want to have any problems with regulators may have a little trouble supporting Libra.”

Another criticism of Facebook is as follows:

“It was necessary to have a meeting about the regulations much earlier. We had to get the regulators’ views on Libra so we wouldn’t have had such a reaction.”

At this time, no concrete statements have been made, but according to the Financial Times, Facebook’s partners are seriously reevaluating the project.

 

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