Facebook’s Libra project is crypto/blockchain initiative launched by the social-media giant in June 2019. Libra is controlled by the Independent Libra Association, based on Libra Blockchain, and is entirely supported by a reserve of actual assets – the Libra Reserve.
Zuckerberg explained that with Libra it could be easier for individuals to transfer money or pay for goods across national borders, which would be an advantage for both businesses and Facebook.
Stuart Levey will step down as Chief Legal Officer for HSBC Holdings this summer. Then, he will join the Libra Association as its CEO.
Under the given conditions, Bitcoin continues gaining traction, therefore, Google, Apple, and Facebook need to find new revenue streams.
Joining the Libra Association, Tagomi will contribute at least $10 million to spend on the developing cryptocurrency. It will also support Libra, providing the necessary technical and policy assistance.
As Vodafone has decided to quit the Libra Association, it will focus more on its digital payment service M-Pesa and expand it beyond the six African nations it currently serves.
eToro believes partnering with authorised partners is the key to success for Libra.
Under a new U.S. bill, Facebook’s Libra would be viewed as a security and would be within the jurisdiction of the Securities and Exchange Commission (SEC).
Many world’s governments decided to ban Facebook’s Libra before it enters the game. However, the EU wants to go even further.
Speaking at Georgetown University, Mark Zuckerberg defended the freedom of expression but didn’t even mention Facebook’s Libra.
Facebook’s Libra is facing many regulatory challenges that have made institutional backers like MasterCard, Stripe, PayPal, and Visa lead several other potential partners in casting their doubts about the project.