Facebook’s cryptocurrency whitepaper release created a lot of excitement all over the world, especially in the Financial Services market. What made the announcement even more massive was the fact that 27 members from the FinTech world were announced as members of the Libra Association.
Visa, Mastercard, Uber, Paypal, Coinbase, and many other large firms have joined the association. However, reportedly, seven out of twenty-seven members have also signed a non-binding contract with the Association. To respect the ethnicity of the partnership, the company executives refrained from naming themselves.
This means that their members can choose to restrict or allow the use and marketing of Libra arbitrarily. There is no binding contract on the members; they could also easily back out of the project.
Why Hasn’t Any Other Member of Libra Association Spoken on the Whitepaper Release?
Regulators all around the world have raised concerns over the issue. The accusations related to privacy, centralization within the company, and the uncertain legality of cryptocurrencies have also influenced the members to keep a back-up in case it all goes south.