Facebook Libra backers yet to be official partners, says Visa Ceo

According to Visa’s CEO and board chairman, Alfred F. Kelly, Jr. Said things didn’t seem as it is with the realisation that the Facebook’s Libra project didn’t have 28 founding partners during the launch after all.
Mr Kelly did respond to a question on his firm’s involvement with the Libra project as indicated from Bryan C. Keane, an analyst at Deutsche Bank Securities on Tuesday during the Q3 2019 earnings call.

The analyst Bryan asked, “i just wish to know the extent and the level of Visa involvement in Libra as there are issues and confusion regarding facebook libra in the market. “6Is it a strategic partner for Visa or potential disruptive threat? Just curious your thoughts and level of expected Visa involvement in Facebook Libra.”

Kelly’s response played down on the firms involvement with Libra. it’s important to understand the facts.
He continued:
“though we have expressed interest including those of other 27 with the intent to join facebook but none is yet to join officially.
Facebook Libra had stated these 28 companies during it’s launch as their partners which includes Visa, Mastercard, PayPal, Uber, Lyft, Coinbase and others.”

Dante Disparte, head of policy and communications for the Libra Association stated that, “In this project is that wherever the Visa or MasterCard logo are accepted, Libra would follow suit, thus giving way for this asset class in this direction and a greater leap in cryptocurrencies”.

Furthermore, the decision to fully join Facebook’s cryptocurrency project would be decided by a “number of factors, which obviously is the main issue, the ability of the association to satisfy all the requisite regulatory requirements,” Kelly stated.

As suggested, since its release of a Libra white paper in mid-June, Facebook has been faced with numerous calls defending itself from regulators worldwide trying to get more information on how the scheme would work, users’ privacy and the effects on financial stability.

Kelly laid emphasis on time factor for Libra, since it’s still early. A lot needs to be done and finalised for the Libra crypto. He however, said:
“But obviously, we actually believe we could be additive and helpful in the association as we’ve expressed interest”


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Credits: Daniel Palmer


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