Facebook Libra faces tough competition in Africa
While Libra faces tough regulatory scrutiny in Europe and the U.S, in Africa, it would also have to face tough competition from established players.
While Libra faces tough regulatory scrutiny in Europe and the U.S, in Africa, it would also have to face tough competition from established players.
This past Monday saw 21 companies, down from the original 28 after several walked away, sign the charter to be founder members of Facebook’s Libra stablecoin project.
Stefan Ingves, governor of the Riksbank, described Facebook Libra as an “important catalytic event” in urging central banks to focus on their own crypto plans.
Facebook is still chipping away at the rough stone that it hopes will eventually become a highly polished stablecoin project.
Since it was introduced, Facebook Libra has been the talk of the town for most of bad news than good one.
The week has had everything, from raising millions of dollars in funding, to regulators cracking down on fraudulent projects to adoption by major brands. Oh, and Libra sunk into more problems which led to its backers backing out.
Zuckerberg will try once again to convince U.S. lawmakers that the project has merit and good intentions as support from allies falls apart.
Lawmakers in the United States have reached out to three major financial firms partnering with Facebook’s Libra project to urge them to reconsider their involvement.
With specific reference to Facebook Libra, commissioner Valdis Dombrovskis said the EU would require “a common approach” to regulating stablecoins and cryptocurrencies.
CoinFlex is offering prediction futures on whether Facebook’s Libra cryptocurrency will actually launch next year or not.
Libra is in big trouble as a fumbled congressional meeting, a petition, and a dropped partner spell big trouble for Facebook.
When Facebook first started talking about introducing a stablecoin, it spent copious amounts of time drumming up support from worldwide, established financial companies.