Regulators Have Doubts About Facebook Cryptocurrency. So Do Its Partners. | NYT

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"One of the biggest selling points of Facebook’s ambitious plans for its new cryptocurrency, Libra, was that the social media company had 27 partners, including prominent outfits like Visa, Mastercard and Uber, helping out on the project.

But some of those partners are approaching Libra warily. They signed nonbinding agreements to join the effort partly because they knew they weren’t obliged to use or promote the digital token and could easily back out if they didn’t like where it was going, said executives at seven of those companies, who spoke on the condition of anonymity because of the sensitivity of the negotiations.

The doubts among Facebook’s partners add to a growing list of challenges for Libra, a new digital token that Facebook executives hope will one day become the foundation for a new kind of online financial industry."

Regulators Have Doubts About Facebook Cryptocurrency. So Do Its Partners. | NYT