Facebook crypto might not be issued at all

Facebook crypto might not be issued at all

There are still plenty of people who are waiting for issuing of the newest crypto currencies even as the crypto craze seems to have died down. And of you were waiting for the newest Libra crypto from Facebook, then I am sorry to say that I have some bad news for you.

Mark Zuckerberg, CEO of Facebook stated that Libra is not going to be issued until it has the approval of American lawmakers and regulators. This is going to be an official statement of Zuckerberg today as he is participating in financial services hearing in US Congress.

Image

The idea of Libra, according to Zuckerberg is that the transfer of money should be as easy and secure as messaging. Libra was supposed to become a global payment system. “We’ve faced a lot of issues over the past few years, and I’m sure people wish it was anyone but Facebook putting this idea forward,” he says. “I believe this is something that needs to get built, but I understand we’re not the ideal messenger right now,”. He also stated that is American regulators are not going to be on board with the Libra idea, then the currency is not going to see the world at all.

Last week Mastercard, Visa, EBay, Stripe and Mercado Pago refused to participate in project together with Facebook. This might also have become a factor in the decision. Andreessen Horowitz, Uber, Lyft, Vodafone, Spotify and Coinbase, however are the ones among 21 companies who are going to support Facebook in the program.

Comments powered by CComment