Facebook aims to launch Libra and its Calibra digital wallet in 2020. Some Senators are against the project, while others think Libra could play an important role in how payments evolve in the U.S. Let’s discover more about the topic and find the best merchant account for your business in the UK.
FB’s Libra & the Best Merchant Account in the UK
The blockchain-based digital currency Libra was originally being overseen by the Libra Association formed in June 2019. This non-profit organisation consisted of many major players in payments.
Now, Visa, MasterCard, eBay, Stripe, and Mercado Pago are no more members of the Libra Association. According to a Visa spokesperson, the company has decided to withdraw from the association. Currently, Libra is left without any major US payment processor.
According to Democratic Senators Sherrod Brown of Ohio and Brian Schatz of Hawaii, Visa, MasterCard, as well as Stripe should take a fresh look at their plans on their partnership with Libra. The reason is that there’re concerns associated with risks the system may pose to the payments business and financial networks operating globally.
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Views on Libra in England
Digital currencies like Libra are also called “stablecoins.” These are backed by traditional money and other securities, which can’t be said about bitcoin and other crypto coins. The EU (European Union) is working on figuring out a way to regulate stablecoins like FB’s Libra.
According to the governor of the Bank of England Mark Carney, the cryptocurrency will fall under the highest standards of global regulation. Besides, the Bank of England will keep Libra under close monitoring.
To sum up, according to several US senators, Visa, MasterCard, and Stripe should reconsider their partnership with Libra. FB has reported it’ll launch Libra after all of the regulatory issues are addressed.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts, including the best merchant account. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie in his backyard porch, as should all right thinking people.