Facebook’s libra cryptocurrency starts 2020 looking no closer to release, with authorities in its base in Switzerland raising fresh questions about its suitability as a global currency.
States dabbling in blockchain technology, or planning to issue their own digital currencies, isn’t flattery – it’s competition.
A senior Chinese foreign-exchange regulatory official called for “special attention” to be paid to blockchain as the nation looks to gain advantages from digital finance.
Mark Zuckerberg has indicated he is willing for Facebook to pull out of the libra digital currency if other founding members decide to press ahead without US approval.
The hostility toward Facebook’s libra cryptocurrency appears to be weighing on the sentiment for bitcoin.
The head of Facebook’s libra project said that it could use cryptocurrencies based on national currencies like the dollar, rather than the synthetic one it initially proposed.
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.
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.