Europe is against Libra. Who else?

[bitbunnny]

I don't think that anyone is really against Libra in its essence but there are so many open questions that Euopean Union wants to clarify and that is completely legit.
And that isn't connected with Libra only but Facebook as a company and some of their actions. Of course there is some politics in it also so having in mind China- US relations is pretty much obvious that China will not support it.
Anyway, as I supposed it will be not easy for Libra at all, things are not going smooth as they expected and this is the story that will not have happy end.

[teosanru]

Hey everyone.
Yesterday I've read an article about European countries opinion on Facebook's Libra. There are a lot of negative statements about it. (Not without Trump's tweets, of course).
What's interesting - there were no official responce from Libra yet. But they still planning to launch it in 2020.

My question is - will launching Libra change the statement 'cryptocurrency is not money' in better way or it'll make worse?

These are pretty obvious concerns regarding Cryptocurrencies. Not only about libra all the Cryptocurrencies face such issues and government around the world are against Cryptocurrencies because of that only. Moreover Europe is against crypto is a bold statement because only European governments as whole are against Cryptocurrencies not individuals as there are a lot of individuals who would love to see growth of libra and other Cryptocurrencies. Moreover the types of influence facebook and mark Zuckerberg has on the states I don't think anyone can stop it from happening. Moreover with the presidential elections upcoming trump would never take such a risk of going against it straightforward.

[ardentvolcanoes]

So another bad news for Libra as Paypal withdraw its support:

Payments firm PayPal has become the first company to pull out of an alliance that is trying to launch Facebook's digital currency Libra.

PayPal made the announcement in a statement on Friday, but did not specify what had prompted the decision.

https://www.bbc.com/news/world-australia-49944421

I'm sure there could be other companies that will pull out before the actual roll out.

Additional companies who are now moving away from this project, not sure if this for real or just another part of more publicity while waiting for the launch of this project. Libra is full of controversial and adding more withdrawn of support from those big names will create doubts from this project.
It will be judge if who else will be willing to continue their supports and who are those who will back out and forget about this project.

[NathanJB]

I don't think that anyone is really against Libra in its essence but there are so many open questions that Euopean Union wants to clarify and that is completely legit.
And that isn't connected with Libra only but Facebook as a company and some of their actions. Of course there is some politics in it also so having in mind China- US relations is pretty much obvious that China will not support it.
Anyway, as I supposed it will be not easy for Libra at all, things are not going smooth as they expected and this is the story that will not have happy end.

Libra actually appears a very promising project. The strong factor why a lot of countries are against it is that Libra is a concept of Facebook. That makes everything look different. If Libra were a project started by some other group of rich companies without the participation of Facebook, it would probably have received less strong opposition as it has right now. Facebook's reputation about handling personal data of their several millions of users is pulling Libra down. Add to this the fear of the governments that their fiat currencies might get a little displaced because of how big this project is, and you will have Libra probably extending its launching date to a much later one.

[eaLiTy]

So another bad news for Libra as Paypal withdraw its support:
I'm sure there could be other companies that will pull out before the actual roll out.

I am sure there will be major pressure from the regulators around the world and we will hear more news from other companies that supported the Libra release because the authorities will push pressure on those companies to withdraw the support and they will not go against the authorities as they will be in trouble for supporting a centralized alternative currency that will destabilize their economy. I will not be surprised if Libra drops their plan altogether.

[TrevorS]

To some extent, it is about the decentralization of money. Such an experience has already been observed in the United States in 1866.
Now a similar situation, after all, cryptocurrency, although it does not fulfill the full role of money, is one way or another, which means we are again dealing with many private currencies.
And the libra can become the strongest private currency of all, which means it is a direct threat to banks. No wonder there is so much noise about it.

[InvoKing]

And the libra can become the strongest private currency of all, which means it is a direct threat to banks. No wonder there is so much noise about it.

There is too much noise about Facebook in general and some people calling to dissolve it.
Fb is the opposite of privacy so why can anyone be sure that their coin is going to be private? I doubt.
Libra is going to be a real threat to banks but also to many fiat including USD

[Pab]

PayPal already removed his support for Libra project.Visa and MasterCard will follow probably
Europe is against Libra and China India as well.Even survey done in Germany are showing that German citizens are not interested in using Libra.Now will be new Libra hearing at US Congress.But still Libra reprezentant are not able to answer on fundamental questions.

[Babylon]

There is a lot of institutions that are against Libra and I don't think that Libra will become successful since a lot of media and government are against to Libra. The latest news is Paypal is backing out from supporting Libra by not attending their assembly meeting and that is an unhealthy sign for Libra since Paypal is one of the biggest financial service in the world. In my honest opinion, Libra's situation will get worse and I think it is not worth it to invest in Libra like having a node of it.

[Sahyadri]

Facebook initiated Libra has been in controversies since the day of the announcement. Their promise of giving banks to unbanked and providing an alternate payment system to the world didn't go very well with the authorities globally. Leading to which, now Paypal has withdrawn its involvement from the project. Though Libra association is going to have a meeting the coming week regarding the steps to be taken forward. Let's see what that yields.

[Pearls Before Swine]

Payments firm PayPal has become the first company to pull out of an alliance that is trying to launch Facebook's digital currency Libra.

Very interesting, though I don't understand what Paypal's involvement was with Libra anyway.  Its also interesting that several countries have vowed to block Libra.  They must really hate facebook in Europe, and I can't blame them. 

Facebook initiated Libra has been in controversies since the day of the announcement. Their promise of giving banks to unbanked and providing an alternate payment system to the world didn't go very well with the authorities globally.

That isn't the main issue as far as I've read.  There's much concern over privacy issues and what facebook will do with Libra users' data.  That's a legit concern, too.  Facebook profits off of their members' data and there's no reason to think they won't use Libra as another data mining operation further eroding online privacy. 

Bet you anything it never launches.

[boltz]

This was something that most of us anticipated because they had problems with regulations since they announce the coin program. However I think that in the end Libra will make it to the surface but the investors lost the confident as I saw some big names pullout out from the private investors section paypal is one of them.

I wonder what will come next for Libra? as it seems not only Europe is against this but China is making their own currency to beat Libra program so if this continues at this high tension maybe Libra will retire from the idea as myself I lost any confident I had in Libra.

[coinfinger]

Mark Zuckerberg was called for questioning just recently as well, which means even USA is against Libra and it is something that could be used to bring cash from other countries to USA considering Facebook is an american company, so them profiting globally would equal to global profits going inside USA and even with that fact USA still doesn't want something unregulated and uncontrollable to be used in USA.

So, all in all Europe is against Libra, USA is against Libra, China is against Libra. There is no point on keep working on Libra if you ask me, these guys will not be able to go over the legal parts of financial world let alone be used by everyone around the world, I doubt they will continue with the project, closing shop on Libra project is their best course of action.

[JeffBrad12]

Mark Zuckerberg was called for questioning just recently as well, which means even USA is against Libra and it is something that could be used to bring cash from other countries to USA considering Facebook is an american company, so them profiting globally would equal to global profits going inside USA and even with that fact USA still doesn't want something unregulated and uncontrollable to be used in USA.

So, all in all Europe is against Libra, USA is against Libra, China is against Libra. There is no point on keep working on Libra if you ask me, these guys will not be able to go over the legal parts of financial world let alone be used by everyone around the world, I doubt they will continue with the project, closing shop on Libra project is their best course of action.

Also usually third world countries tend to follow the decision of first world countries and that could mean even more problem will be coming to Libra. Even by the withdrawal of all the major investors from Libra could be a huge backlash that could potentially cancel this project.
I'm not expecting anything from this project anyway, it won't even benefit the crypto community even at the slightest but just the hype that could make crypto well known other than that there's literally nothing and also it's centralized.

Maybe making crypto that is adopted by the masses is just simply a wishful thinking considering all these regulation even a big company like facebook could literally do nothing.

[EdenHazard]

So another bad news for Libra as Paypal withdraw its support:

Payments firm PayPal has become the first company to pull out of an alliance that is trying to launch Facebook's digital currency Libra.

PayPal made the announcement in a statement on Friday, but did not specify what had prompted the decision.

https://www.bbc.com/news/world-australia-49944421

I'm sure there could be other companies that will pull out before the actual roll out.

It's just a business movement... everyone know that libra has become world attention ( in bad way ) PayPal play it safe , no wonder they pull themselves out.

It's like a mission impossible for Facebook to make their libra used legally around the world, even I'm not sure such centralized currency could bring a good impact into cryptocurrency ecosystem itself, I'll be excited to see how this drama ended .. the idea has been there for long time to use a single currency around the world , but Facebook is the only company that makes this first attempt with their huge sources.

The quits group seems will have more member soon , they are too fear to taking risk supporting this libra project.

[Arsenyo]

It is doubtful that Libra will launch in 2020. Lots of countries are against it, Paypal, Visa, MasterCard, yes, but even the tech company itself is starting to question the viability of it. I don't think Libra will have a bright future, I don't trust Facebook and its owner, so I definitely won't invest in this coin.

[ecnalubma]

Some country might follow Europe stand and Paypal pulling out can hurt the project and will surely affect it. I think Facebook will fail this one, the government are aware about the companies controversy of mishandling users data and they will not allow it to happen again.

[alyssa85]

Well back in July the US Congress asked Facebook to pause it's development of Libra until they had time to access it's impact:

https://www.theguardian.com/technology/2019/jul/03/libra-us-congress-asks-facebook-pause-development-cryptocurrency

In a letter from the Democratic head of the house committee on financial services, congresswoman Maxine Waters, and the heads of its subcommittees, the legislators ask the company to “immediately cease implementation plans”.

“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,” the letter says.

“During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so risks a new Swiss-based financial system that is too big to fail.”

[coin-investor]

Well back in July the US Congress asked Facebook to pause it's development of Libra until they had time to access it's impact:

https://www.theguardian.com/technology/2019/jul/03/libra-us-congress-asks-facebook-pause-development-cryptocurrency

In a letter from the Democratic head of the house committee on financial services, congresswoman Maxine Waters, and the heads of its subcommittees, the legislators ask the company to “immediately cease implementation plans”.

“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,” the letter says.

“During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so risks a new Swiss-based financial system that is too big to fail.”

Do we have an update on this investigation, it seems Libra coin is now ok with the congress and no part of the group is leaving the group, and the launching is already scheduled to launch this 2020, I'm sure their lawyers are doing everything, to lobby for the launching of LibraCoin but I'm afraid after the launching, Libra Coin will be heavily regulated and all actions will be watch.

[20kevin20]

I just hope it's going to be a short-lived project anyways. It has almost nothing to do with the cryptocurrency world and points of view. It's against my vision, so is it against Satoshi's. On the other side though, they made it easy to use so of course many will go towards the "best cryptocurrency". I hate it when the mass media manipulates so much and gives you the false truth: it's NOT related to cryptocurrencies and it's NOT a Bitcoin competitor. And it's disrespectful to the crypto world and to Satoshi himself.

I've seen places stating Libra isn't and will never be accepted in their shop. It's good news for me. And now let's talk about price - it's going to be a Stablecoin.. and privacy'll be gone.. so who cares about it?