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Tuesday, June 22, 2021

Visa and Mastercard can jump off Facebook’s Libra project?

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Kamal Saini
Kamal S. has been Journalist and Writer for Business, Hardware and Gadgets at Revyuh.com since 2018. He deals with B2b, Funding, Blockchain, Law, IT security, privacy, surveillance, digital self-defense and network policy. As part of his studies of political science, sociology and law, he researched the impact of technology on human coexistence. Email: kamal (at) revyuh (dot) com

The attention reserved by the authorities at the global level and some uncertainty about the possible success of the initiative seem to have at least partially extinguished the enthusiasm that accompanied Libra’s announcement in recent months, so much so that some Facebook partners in the project seem to be evaluating the hypothesis to abandon. These include the two giants of Visa and Mastercard credit cards.

Some crunch in the Libra Association

To make it known is the Wall Street Journal, with an article that throws more fuel on the fire. The source speaks of various realities operating in the financial field that are reconsidering their involvement in the Libra Association: among the 28 members there are also PayPal, PayU, Stripe and Coinbase just to give some examples. They would not be willing to accept Facebook’s invitation to publicly expose themselves in favor of the cryptocurrency, starting and participating in person in the marketing campaigns necessary to promote their use before the onset, which currently remains fixed for next year.

Today’s report echoes that published in August which has already talked about possible defections among Libra‘s first supporters. The assurances that continuously come directly from the social network in order to calm the waters and proceed compact in preparing the necessary platform for the launch of the virtual currency seem to be not enough.

No comments were received on the three companies involved in today’s rumors (Visa, Mastercard and Facebook). Things seem to have got complicated anyway. A launch slip can not be ruled out, so that the cryptocurrency can operate in full compliance with the provisions of the various countries while at the same time attempting to achieve its particularly ambitious goal: “transforming the global economy”.

The topic was also touched on at an internal meeting at FB which saw Mark Zuckerberg interface with his employees in July. A meeting recorded by one of those present and whose content ended yesterday on the pages of the overseas press.

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