Libra Association's Members Haven't yet Contributed Their $10 Million: Report
Members of the Libra Association have yet to commit $10 million towards the support of the digital currency platform libra, as according to a report by the BBC published Oct. 23, none of the 20 firms partnering with Facebook commited financially.
The social media platform has been under increasing regulatory pressure since first announcing the project in June. Two weeks ago it was reported that Mastercard, Visa and eBay were joining PayPal in a mass exodus from the Libra Association. The climate worsened when the G7 group announced the project should be suspended until Facebook can prove that libra is safe and secure for users.
However, remaining members in the Libra Association have been slow to commit financially. A source told the BBC that conflicts with the Libra Association have led Facebook to distance itself,
We’ve seen Facebook start to move away from the Association a little bit, maybe, but it’s still a challenge for them, definitely.
Another source commented on the $10 million fee for joining the organization, saying there was no timeline on its collection,
Rather than collect a bunch of money from a bunch of people and then figure it out. The feeling is that we needed to form, ratify a budget, and then figure out how to fund that budget, rather than the other way around.
Featured Image Credit: Photo via Pixabay.com
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