October 25, 2020

David Marcus: "Libra will continue to work even without Visa and PayPal"

Facebook Blockchain Manager David Marcus says seven key partners are leaving The Libra Association will not affect the development of the project and the launch of the Libra cryptocurrency.

Recently, the Libra project left PayPal,Visa, Mastercard, Stripe, eBay, Mercado Pago and Booking. They substantiated their position by the decision to focus on other areas, adding that they will continue to monitor the development of the project.

According to Marcus, many of the departed partnerswill return at the later stages of the project. In addition, he stressed that companies can continue to provide their services without even being members of the Libra Association.

“Visa and Mastercard will be able to issue cards for the Calibra wallet without even being members of the association,” he said.

Participation in the Libra project could be detrimentalreputation of companies due to the tough pressure of regulators from different countries. However, Marcus believes that the withdrawal of these companies from the association may be due to their unwillingness to participate in the launch of the cryptocurrency, given the serious responsibility to shareholders.

During a meeting in Geneva, the association approvedcomposition of the Board of Directors. In addition, before the launch of the project, the Libra Association intends to attract another 100 partners. More than 1,500 organizations have expressed interest in joining Libra, but only 180 of them meet the requirements of the association.

Former US Rep. WarrenDavidson (Warren Davidson) expressed the opinion that instead of releasing its own cryptocurrency, which poses a threat to the global financial system, Facebook could integrate bitcoin into its system.

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