Visa is still interested in developing Libra
Visa is Still Interested in Developing Libra with Facebook
October 25, 2019
Visa is still interested in developing Libra
Visa is Still Interested in Developing Libra with Facebook
October 25, 2019

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.

ALSO READ :  Block.one Announces A $200,000 Smart Contract Blockchain Puzzle

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.

Source: valor.globo.com | cointelegraph.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

An Unreleased Project Has Been Drained Of $15 Million

An Unreleased Project Has Been Drained Of $15 Million

Eminence, an unreleased project being built by Yearn’s Andre Cronje has been drained of $15 million, as the decentralized finance (DeFi) community's insatiable appetite for unaudited code has once again ended in tears...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!