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October 20, 2019 03:34 pm

Facebook Forges Ahead With Libra Despite Some Major Setbacks

"Facebook is facing a lot of pushback for Libra, its proposed cryptocurrency, but that's not stopping the social media giant from forging ahead," reports the Motley Fool:Earlier this week, it announced the 21 founding members of its digital token project at the signing of the Libra Association charter in Switzerland. The founding members include Uber, Lyft, Spotify, and PayU, among others... Despite all the odds against it, Facebook is forging ahead, pulling out all the stops to convince the world's skeptics that it is capable of controlling a digital currency that can't be regulated. Its latest attempt: warning regulators of the impending danger from China if Libra fails. David Marcus, the Facebook executive heading up the Libra initiative, told Bloomberg that China is moving ahead with its own digital payments system, which could have global appeal. That could be a big threat to the U.S. if regulators drag their heels in approving Facebook's digital coin. He painted a picture of an environment five years hence in which a large portion of the world won't have to worry about sanctions from the U.S. because they will have a digital currency waiting in the wings.

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