The “boom” of digital currencies, known as cryptocurrencies, in 2018 has encouraged big companies to work with their finances. The most advanced project is Facebook, which in June 2019 introduced Libra, its cryptocurrency to pay for it on WhatsApp and Messenger.
The official launch date for Facebook is slated for the first half of this 2020 season. Though not yet active, Libra already has its first "scams" and initial criticisms, coming from the CEO of Mastercard, the company that participated in the project, but decided sailed after seeing these disturbances What you talked about now.
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Why Mastercard also abandoned the Facebook cryptocurrency project
Ajay Banga, CEO of Mastercard, gave the child an interview Financial times he also explained why his company had decided to withdraw from this prestigious project. Next to him, and as mentioned ZDNet, Visa, PayPal and Stripe are also back down; But what led up to this decision?
According to Grade, the idea of financing Facebook cryptocurrency was fun which is why be encouraged to monitor and control their program. Essentially, this money will be integrated into the company's social platforms, such as WhatsApp and Messenger, and then integrated into the cryptocurrency market.
However, the standard trading model failed to convince Mastercard, and he wasn't sure that Libra would respect those compliance-related issues. According to a senior official of the financial services company, members are key members of Libra They have refused to commit "not to do anything which is not in full compliance with local law", with respect to user information management.
Ajay Banga goes one step further and confirms that the re-expansion of your company and Facebook cryptocurrency is also due not knowing how to make money with it. "If you don't understand how to make money, it's done in a way you don't like", said the manager unmistakably.
Finally, Grade pointed the relationship between Libra and Calibra, Facebook's cryptocurrency portfolio, as another reason for the withdrawal of Mastercard. Specifically, the CEO did not like the transition from being a "crazy" tool to being in direct contact with Calibra, a change that "doesn't sound good".
While we await the official release of Libra, we know more about Facebook's digital currency due to this exciting statement. It should be noted that Mastercard left the project in June 2019, so it is likely The Zuckerberg company has posted these unpleasant details in these months.
Finish: Facebook Pay is official: this is a payment service for Facebook, Messenger, Instagram and WhatsApp
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