Visa and MasterCard aren’t ready to cooperate with Facebook

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Visa and MasterCard aren’t ready to cooperate with Facebook
October 02
13:00 2019

In mid-summer, high-tech giant Facebook announced the plans to create their own cryptocurrency Libra. It was planned that the virtual currency would be used for daily payments. In order to avoid strong volatility, Facebook planned to enlist the support of serious partners and provide the currency with national assets.

Each potential Libra project partner promised to invest $ 10 million to create a stabilization fund.

Facebook’s enthusiasm came across skepticism from regulators. American politicians criticized the initiative and proposed to tighten the cryptocurrency market regulation.

The European community went even further. Bruno le Maire, French Minister of the Economy and Finance, said last month that Libra would be blocked in Europe.

Facebook has been repeatedly caught up in the disclosure of personal data there is reason to believe that the new cryptocurrency can be used for speculation and fraud.

To put it mildly, the cold reaction to the Facebook initiative forced the financial partners of the company to reconsider their participation in a large-scale project. Visa Inc and Mastercard Inc have already expressed their unwillingness to support the release of Libra cryptocurrency.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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