Libra Backers Now on the Fence as to Whether they should Support it

Libra Backers Now on the Fence as to Whether they should Support it

Getting yourself involved in a cryptocurrency is a big deal and one that definitely needs some thought. Whether you’re to-be investor or a shareholder, this point still applies.

Libra, the upcoming cryptocurrency from facebook has left many people on the fence is regards to how they feel about it, given the controversial regulatory worry from congress. 

Visa, Mastercard, PayPal and Stripe are all on this fence too as they ponder whether they want to become paid-up participants in the stablecoin.

This comes from a recent Bloomberg report which states “people familiar with the matter,” the four payment networks have reservations in regards to the plans.

The firms have formed part of the group to which they initially said they wished to act as nodes for Libra, subject to a fee of $10 million. 

“Executives at the payments companies believe Facebook oversold the extent to which regulators were comfortable with the project and are concerned about the perception that the social network hasn’t behaved responsibly in other areas.”

This latest issue come before Facebook conducted a signing ceremony in Switzerland, which is to be where the future headquarters of the Libra Association is located.

 As reported by CoinTelegraph, this event “would cement would-be members’ obligations.”

A representative from Stripe denied all issues between the firm and the social network and said:

“Nothing has changed with our involvement with Libra since we came on to participate.”

Leaked comments from a recent internal Facebook meeting suggest that Zuckerberg acknowledged Libra has a lot of criticism from the public. Despite this, he says that it’s been pretty simple behind the scenes. 

“The public things, I think, tend to be a little more dramatic,” Zuckerberg said, according to The Verge, which published a transcript of the meeting on Tuesday. “But a bigger part of it is private engagement with regulators around the world, and those, I think, often are more substantive and less dramatic.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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