Over the past couple of weeks, it has become known that a liberal cryptocurrency project from Facebook called Libra has lost several key sponsors. Yes, Libra was initially suspended by the world’s largest Mastercard and Visa payment systems. The PayPal payment giant then completely emerged from the project. Comment on the reasons for such a decision and the possible consequences was given to us by Alona Degric Shevtsova, Director of FC Leogaming Pey LLC, which is the payment organization for the Ukrainian LEO.
“The first and most important issue is regulation. Libra is not another bitcoin, but a fully understood global financial institution, which I described in detail in my blog. It has a central regulatory body, a collegial body whose numbers have been seriously affected in recent weeks. There are payment systems and no banks. Surprisingly, it is clear that banks are subject to regulation by the Central Bank of the country in which they are incorporated. Now let’s look at the position of any Central Bank: the global financial structure with potential billions of coverage wants to seem like a small startup and not get regulated. Of course, they don’t like it, ”Alona Degric Shevtsova said.
This assertion can be substantiated by the many meetings of the US Senate and Securities and Exchange Commission, in which any Libra development must be halted until a full evaluation is completed. The speaker believes that such pressure on a new project is the main reason for many companies to “quit the game”.