Facebook Will Pull Out Of Libra Association If US Doesn’t Approves It

facebook-will-pull-out-of-libra-association-if-us-doesnt-approves-it
USAToday

Libra has been in the whirl of problems since announcing its entry into the cryptocurrency market. The Facebook backed project has formed the Libra Association, after tieing with some top global firms.

Facebook is facing regulatory problems over the launch of the Cryptocurrency. Also, the members of the Libra association dropped out of the project due to regulatory pressure. VISA, Mastercard, and Paypal are no more with the Libra Association.

Facebook Will Pull Out Of Libra Association

On October 23, Mark Zuckerberg, CEO of Facebook, testified before the Housing & Financial Services Committee in the US House of Representatives. The discussion processed by focusing on Facebook’s involvement with the Libra Association. Committee members questioned why Facebook would want to create its own digital currency, and why the company should be trusted as it faces myriad problems with its increasingly widespread business.

Over the questions from congressional representatives on Wednesday, Mark Zuckerberg told, Facebook will pull out of Libra Association if the US regulators don’t approve it.

The Facebook subsidiary, Calibra is in the Libra association. Head of Calibra, David Marcus, is also a member of the Libra Association board.

It’s unclear whether Libra Association will continue if Calibra pulls out of it.

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