Economy

Leading bank lobbyist hired by Facebook for crypto project, says FT report

Leading bank lobbyist hired by Facebook for crypto project, says FT report”

The Financial Times does not show exactly how they gained access to this information, and even added that there were no comments being published from Facebook, the bank, or even Bowles.

I think the "FacebookCoin" is an attempt by big tech, banks and credit card companies to lure people away from Bitcoin into "better, easier, crypto", which is nothing more than a fiat coin being masqueraded as crypto.

Further reinforcements for Facebook include Nick Clegg, the former leader of the liberals in United Kingdom, and two former compliance managers from Coinbase. Most notably, PayPal's former President David Marcus joined Facebook as VP of Messaging Products to drive the project; Tomer Barel another PayPal executive joined as VP of Blockchain Risk and Operations; and now with the addition of the ex-banking lobbyist, Libra's regulatory front looks solidified.

Mahaney and Schwartzman also repeated previously reported expectations that Facebook will release their currency's white paper on June 18, following in Satoshi's footsteps to explain the fundamental protocols that will underpin Libra, the internal codename for the project.

Facebook is preparing for the launch of its cryptocurrency and payment platform and is reportedly talking to regulators so that it can ensure its services are compliant to the existing regulations.

Other names that have been named as investors are Stripe, a technology company, MercadoLibre, an online marketplace company, and Booking.com, a travel reservations site. More investors are also expected from a wide range of sectors including e-commerce, finance, venture capital, and telecoms industries. There has been a lot of speculation about it for the past six months since there's very little people know about what it can do and how it will be governed.

Facebook boss Mark Zuckerberg has met Bank of England governor Mark Carney to discuss the plans to launch an online payments network allowing 2.4bn customers to send money and make instant payments across Facebook, Instagram, Whatsapp and shops on the internet.



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