Visa is Still Interested in Developing Libra with Facebook

Alfred F. Kelly, the CEO of major payment processor Visa, has said that the company is still in discussions with Facebook on the Libra project.

On October 24, in an interview with Economic Value, Kelly assured that Visa still maintains a close relationship with Facebook on the subject, as it believes that digital currencies provide safer payments to more people and places.

Kelly said:

“As a curious and open company — and given the leadership, we have in the payments ecosystem — we want to engage in everything in the payment space until we reach a point where we believe our engagement is no longer positive.” Alfred F. Kelly

However, Kelly continued by saying that the Libra project needs more time for full implementation since it is a disruptive initiative and the proposal involves addressing regulatory requirements.

He further noted that Libra is not centralized and that although the proposal “was developed by Facebook, all members of the Libra Association have the same decision-making power and control of the project.”

Alfred F. Kelly, CEO of Visa

According to Kelly, Visa focused on the creation of a payment system that could find a solution to the financial inclusion issue, given that 1.7 billion adults worldwide reportedly remain unbanked.

He also stated:

“In the conversations, we had with the Facebook people, we tried to create something that could bring these people into the system faster.” Alfred F. Kelly

Facebook and the Libra project have been of supreme concern for both global regulators and industry stakeholders in recent months. However, the global regulators remain disquieted by Libra’s potential to undermine the sovereignty of national currencies, while the industry stakeholders question the project’s resiliency in the face of regulator opposition.

On October 23, Mark Zuckerberg, the CEO of Facebook, testified before the House Financial Services Committee on Libra aiming to assuage policymakers’ concerns regarding Libra’s launch.

Hence, during the questioning, Zuckerberg said that Libra’s founding member, Facebook, might be forced to withdraw from the Libra Association if the Association decides to launch the token without approval from regulators in the United States.

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