Is there an internal contradiction in the Libra Association? Foreign media: At least 3 members are considering launching

At least three of the early supporters of Facebook Libra's stable currency are considering exiting, given the strong opposition of regulators.

According to the Financial Times today, two founding members of the Facebook Libra Association discussed their next move.

Another support agency – three companies are reluctant to disclose their identity – is said to be concerned that their public support for Libra will lead to unnecessary regulatory scrutiny of their own business.


What are the internal contradictions in the Libra Association?

The Libra Association is a newly formed independent governance coalition that manages Libra. The organization has 28 founding members, including Visa, Mastercard, PayPal, Uber, and Spotify, which are $10 million for members of the organization.

In an interview with the Financial Times, a member stated:

“I think it will be difficult for those who want to be seen as compliant companies to stand up and support (Libra).”

Another supporter criticized the social media giant’s strategy for not considering it. He said:

“Some of these (regulatory) communications should have been conducted before the project was announced to understand what regulators think about it so that there is not much resistance.”

According to reports, this tension is two-way. A member of the Libra Association acknowledged that Facebook itself was “tired to be the only one who dared to take risks” (ie, after Libra’s announcement, only Facebook was questioned).

Both Facebook and the Libra Association declined to comment.

Regulators take advantage of

Since the Libra project was announced in June this year, there have been constant complaints from regulators. This week, the European Commission (EC) anti-monopoly regulator also began to investigate the project.

Governments, regulators and central banks around the world are so resistant to each other that Facebook has to warn investors at the end of July that it may never launch Libra.

Earlier this month, at a hearing at the US House Financial Services Committee, lawmakers questioned Facebook why they believed in a company that collects, stores, and abuses customer data, and Facebook was fined $5 billion.

However, regulatory dissatisfaction did not completely prevent potential members from interested in Libra, including Monex Group Inc, the parent company of the hacked Japanese cryptocurrency exchange Coincheck, Taiwan's digital currency trading platform Maicoin, and even Zuckerberg's former Winklevoss. brothers.