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Home / Business / Sounds like things aren't going well for Facebook's Weight Cryptocurrency scheme

Sounds like things aren't going well for Facebook's Weight Cryptocurrency scheme



Photo: Chip Somodevilla (Getty Images)

There has been no lack of official opposition to Facebook and dozens of business partners' plans to launch a global cryptocurrency payment network, Libra. A short list of the cautious could include the heads of the US Central Bank, the Department of Finance and Finance, the House and Senate Banking Committees, EU antitrust officials, Indian and Chinese finance officials, and the French government, which promised to stop it in its tracks across Europe.

It's almost like a bad idea to trust Facebook with this! Business members of the so-called "cryptomafia" who support the project were already reported to get antsy about regulators back in August, and after a Tuesday report in the Wall Street Journal, the situation is now approaching something akin to panic mode. [1

9659005] Sources told the magazine that Visa, Mastercard and "other financial partners who signed up to help build and maintain the Libra payment network" are now considering whether to remain involved. These sources said executives in some companies have even rejected Facebook's requests for support for the bullhorn, the paper wrote, even though the clock is ticking at an Oct. 14 meeting in Geneva to review a charter and appoint directors: [19659006] Leaders of some of Våger's supporters have rejected Facebook's requests to publicly support the project, the people said.

Their reluctance for Facebook to rush to keep Libra on track. Libra's policy leaders more than two dozen supporters – a group called the Libra Association – were called to a meeting in Washington, DC, on Thursday, according to people familiar with the matter.

According to the previous August report, some of the partners were cautious that moving forward with Libra could attract broader regulatory oversight of their activities. And lo and behold, sources told the magazine that the Department of Justice has asked Visa, Mastercard, PayPal and Stripe to provide a "complete overview of their money laundering compliance programs and how Weight will fit into them."

Facebook's points man on Libra development, David Marcus of Calibra subsidiary, took to Twitter on Tuesday night to disprove a journalist's claim that some partners had not received detailed information on how the Libra Association would comply with "anti-money laundering laws and prevent terrorism funding. ”

None of the 28 groups involved has committed to the project beyond binding letters According to the journal, they also did not forge the $ 10 million that Facebook has asked each member to contribute to development.

Facebook has been facing a lot of heat lately beyond Libra, including reports that the Department of Justice has opened an antitrust investigation (it is already facing similar investigations by the Federal Trade Commission and several states) Rivals, including Snap, have reportedly begun to share said ks documents about alleged competitive behavior from social media giant with feds.

In recent leaked audio from internal meetings, CEO Mark Zuckerberg claimed that Facebook took a "more consultative" than speed-focused approach to Vågen to avoid giving the appearance it wants to move quickly and break things with the world's economic system. But the sheer scale of what Facebook hopes to pull off is aggressive in itself and comes at a bad time for anyone who might think twice about being dragged into the mess.

[Wall Street Journal]


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