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Can Facebook Prevent It’s Financial Partners from Abandoning Libra?

Posted on the 02 October 2019 by Worldwide @thedomains
Facebook Libra

Since Facebook announced it’s plans for Libra in June, many domain investors climbed on board the Libra domain name train. With a lot of excitement for both Facebook Libra and domain registrations, optimism was high.

That optimism might need to be tempered a bit, an article in the Wall Street Journal speaks of financial partners like Visa Inc., Mastercard Inc., and others are having second thoughts about participating in Libra.

The writers noted, “Wary of attracting regulatory scrutiny, executives of some of Libra’s backers have declined Facebook’s requests to publicly support the project, the people said.

Facebook has received a lot of backlash from U.S. and European regulators and it seems these financial partners want no taste of that.

The article goes one to mention, “government officials and central bankers were quick to criticize the project, citing concerns about how the network would protect users’ privacy and prevent criminals from using it to launder money. “

So who knows how this is going to play out if major companies like Visa, Mastercard and Paypal are not willing to take the heat, Libra may never truly get off the ground.

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