The CEO of Facebook, Mark Zuckerberg, is in the Libra coin news today for stating that how the Libra foundation is handling the coin and why it is not directly linked to the social networking website. The stablecoin by Facebook seems to be coming to an end even before getting released.
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Zuckberberg was in the news for admitting that it is a risky project and would seek US regulatory approval before releasing it. The Libra digital currency seems to be coming to an end even before getting released and ever since its announcement, most of the partners have backed out.
Now, the CEO of Facebook Mark Zuckerberg talked to the public and said that the Libra Foundation is handling the stablecoin – and it is not directly linked to the social networking website. Before this, we saw that Facebook already started to look for alternative payment options such as Facebook Pay and WhatsApp payments.
Zuckerberg also talked about how Facebook is looking into payments app as “there are lots of different segments for what people are trying to do.” When asked about the WhatsApp payment solution which started in 2019, the CEO of Facebook said that it would come under Facebook Pay. In the same way, this option would let the users enter their credit card details and purchase anything from any store coming under Facebook.
The CEO of Facebook also talked about WhatsApp and the new payment feature which has undergone many trials in India in 2018. He talked about how it would be launched in other countries within the next six months. The project will be targeting high population density countries including Mexico, Indonesia and India.
When asked about the Libra initiative, Zuckerberg was featured in the crypto news for stating:
“We are taking multiple approaches on payments where things like what we are doing with payments and WhatsApp or Facebook Pay are overall built on top of traditional payment infrastructure. The longer-term work that we are proposing around Libra is now being handled by the independent Libra foundation.”
The CEO of Facebook also stated that the firm is working on creating a digital wallet which will work well with Libra – noting that most companies that make payments are national and based in a country without any incentive to make this work all over the globe.
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