Governments decline libra but main payments accept it

[Berryvery394]

Wht Libra project is supported by VIsa, PayPal, WesternUnion but rejected with governments? do they see it as a danger?

[1714760263]

1714760263

[seoincorporation]

Wht Libra project is supported by VIsa, PayPal, WesternUnion but rejected with governments? do they see it as a danger?

Because big companies want to bet in their future, and if they see a big business like facebook working on a big project like this they will put their money on it too. Govs don't like this because it has a lot of consequences if they agree with libra they have no option than agreeing with bitcoin too. So, it's a complex game.

[jushfln]

of course, many international translation services such as Western Union, Moneygroups are not convenient for all users. In particular, in the city there are not enough points and banks that support these types of systems. But one can not expect that people will start to switch to cryptocurrency en masse after Facebook launches a coin.

Society needs time to adapt. The number of people who understand how to use cryptocurrency is very small. And although there are platforms like taklimakan where everyone can learn about cryptocurrency and investing. But the demand has not exceeded the supply.

[borrorofju]

of course, many international translation services such as Western Union, Moneygroups are not convenient for all users. In particular, in the city there are not enough points and banks that support these types of systems. But one can not expect that people will start to switch to cryptocurrency en masse after Facebook launches a coin.

Not surprisingly, the stock of cross-border translation services began to fall. But after all, they themselves had previously announced a desire to create their own cryptocurrencies. So soon we will be able to use classic transfers from Visa or Western Union only in an improved form, because the blockchain will allow them to reduce the commission and time of transactions. But of course, it will be necessary to compare, it is more convenient to use a decentralized platform for payments or familiar proven services that adapt the cryptocurrency

[americanreamt]

of course, many international translation services such as Western Union, Moneygroups are not convenient for all users. In particular, in the city there are not enough points and banks that support these types of systems. But one can not expect that people will start to switch to cryptocurrency en masse after Facebook launches a coin.

Not surprisingly, the stock of cross-border translation services began to fall. But after all, they themselves had previously announced a desire to create their own cryptocurrencies. So soon we will be able to use classic transfers from Visa or Western Union only in an improved form, because the blockchain will allow them to reduce the commission and time of transactions. But of course, it will be necessary to compare, it is more convenient to use a decentralized platform for payments or familiar proven services that adapt the cryptocurrency

Perhaps the reduction in the price of shares for translation services is due to the fact that investors do not fully understand what value companies will have in the Facebook consortium. either they give up their ambitions to create a blockchain for their services, or this is just an investment decision, so as not to lose the benefit.

[BrewMaster]

you are asking something that can not happen!
Libra is not some decentralized cryptocurrency that could be run by its peers. it is a company created centralized system that needs government approval to exist. it is like asking "can Microsoft exist if government FBI wants to close it down?!!"

[betty11]

The government maybe scared that many smaller service providers might close down and they are trying to protect some interest group, but this won't be so, there will be much more new opportunities as we will see new partners and intermediate offices. There is a type of revolution that can't be stopped and Crypto is one of such. 

[olamidey]

For the companies getting in, it's all about getting a bit of the pie. They know how much that Facebook will pump into it to make it a success and of course, no one wants to be left out. Major tech companies are falling over themselves to get in including eBay and PayPal. That shows how this project will fare. It's going to be a boom

[Ayiranorea]

Just think of PayPal and similar payment services, libra to me is same as that which is developed on the blockchain technology as a cryptocurrency. PayPal has got tie up with banking networks that make funds get reflected on the account. This way libra funds were imaginary that creates coins as per the transaction. If someone sends 100 libra it will be created and added to the network. And when someone makes a withdrawal the particular number of libra gets burned from the network. This is perfect and centralized, fearing that the usage of banks might shrink governments oppose the existence of libra.

[mayukus4life]

Using Libra as a payment service will enhance the much-needed relevance and awareness cryptocurrency and the blockchain needs. The governments opposing this new project by Facebook are scared of how it will affect normal banking systems. Facebook is the largest social media platform and they know the percentage of the population that will key into this. The big tech companies wanting to partner with Facebook know how big it might turn out to be and that's the sole reason they are all scrambling to have a place.

[pixie85]

Companies like paypal are already losing money because of bitcoin but can't accept its decentralized nature. The only way in their minds to profit from the crypto craze is to accept a centralized coin but usdt is too shady for them and other stablecoins not popular enough. Libra is looking good to them because because of its facebook backing.

[sandra_x]

I guess some government are taking the issue of trust for facebook seriously, the history of data and privacy abuse by facebook calls for concern.
They also not want too much power in hands of a single corporation. Facebook is a media giant, adding finance to it can make it monstrous

[tippytoes]

Wht Libra project is supported by VIsa, PayPal, WesternUnion but rejected with governments? do they see it as a danger?

Because big companies want to bet in their future, and if they see a big business like facebook working on a big project like this they will put their money on it too. Govs don't like this because it has a lot of consequences if they agree with libra they have no option than agreeing with bitcoin too. So, it's a complex game.

A lot of big companies are joining the new racket of fb because they know it might hit big because of its influence in social media. Whereas, governments are still hesitant because of the complexities involved in cryptocurrencies. They don't have the full grasp of the nature of crypto, hence, their hesitations.

[ityandsyn]

Wht Libra project is supported by VIsa, PayPal, WesternUnion but rejected with governments? do they see it as a danger?

      U.S.A. has a strong stand not to use Libra and other crypto currencies but other country have no rules and regulations about crypto but many establishment are accepting PayPal and other payment using crypto currency including Libra since this is not banned in their country .

[nemey]

Probably only several governments that reject the Libra as one of the payment methods. Or it depends on the financial or banking system in the countries. However, actually, this can be a digital currency that gives more chances and benefits to be used. Moreover, it also has a valuable partnership with some big merchants of financial systems around the world. Is the government afraid that the fiat will be replaced? I don't know the exact reason behind.

[r1a2y3m4]

Facebook is even denied by the government and Zuckerberg even questioned in the senate because of facebook's "shadow profile" created on every user. If facebook was denied, why do you think it will not deny the coin it made?