Facebook has a warning for those in Washington determined to derail the company’s plans for creating a cryptocurrency: doing so would be a huge win for China.
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The Facebook executive responsible for the embattled cryptocurrency said he doesn’t fault companies that pulled out of the project, adding that he’s optimistic more organisations will sign on.
Facebook’s remaining partners in its digital currency project signed paperwork on Monday to officially join the Libra Association.
Facebook’s effort to create a cryptocurrency was dealt a blow on Friday after several key partners, including Mastercard, Visa, eBay, Stripe and Mercado Pago, abandoned the project.
Naspers CEO Bob van Dijk said on Wednesday that the South African consumer Internet group remains a committed member of the Libra Association, the organisation overseeing the libra cryptocurrency.
Two US senate Democrats are urging three payment processing companies to reconsider their involvement with the libra cryptocurrency project envisioned by Facebook and a coalition of other groups.
A class-action complaint accuses the companies behind the stablecoin tether of “propping and popping the largest bubble in history”, leading to disappearance of $265-billion in cryptocurrency wealth.
Facebook’s proposed cryptocurrency has faced such overwhelming scorn that an exchange is now facilitating bets on whether the social media company can come close to meeting its target launch date.
PayPal has pulled out of the Libra Association, a blow to Facebook’s efforts to develop a digital currency.
Four payments companies that have joined Facebook as founding members of the Libra Association are wavering over whether to officially sign on to the cryptocurrency project.