min to read

2019-10-02 16:03:17




News

VISA, MASTERCARD, PAYPAL AND STRIPE DECIDED NOT TO JOIN THE LIBRA PROJECT

Bloomberg reports that

min to read

2019-10-02 16:03:17

Bloomberg reports that Payment companies Visa, Mastercard, PayPal and Stripe are in no hurry to sign the official documents on participation in the project of digital currency Facebook.

Bloomberg reports that Payment companies Visa, Mastercard, PayPal and Stripe are in no hurry to sign the official documents on participation in the project of digital currency Facebook.

 

The companies believe that Facebook is exaggerating the level of support for the project from regulators, who are increasingly questioning Libra. Payment providers fear that participation in the project will negatively affect their relationship with regulators, which are critical to their business.

 

The companies are also concerned about Facebook's data processing and privacy issues.

 

Facebook is aiming to sign the Libra Association's charter by October 14 to formally consolidate the participation of the companies announced in June in the consortium. Despite the fact that the signing of the charter does not oblige potential participants to invest $10 million in the project, they are hesitant about this step.

 

The Minister of Finance of France Bruno Le Maire spoke out against the development of the Libra project in Europe, and the German government has decided to ban all such stablecoins.

 

At the same time, according to Reuters, the Swiss Financial Market Supervision Authority (FINMA) is ready to regulate Libra according to the existing rules and sees no particular risks in Facebook's digital currency. FINMA Director Mark Branson noted that the project is developing quite transparently.

 

“I am much more nervous about projects which develop in a dark corner in the financial system somewhere, spread themselves out through cyber space and one day are too big to be stopped,” Branson said.

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