This article is referenced from:British Broadcasting Corporation (BBC)Odaily Translator |
Odaily Translator |
The BBC understands,Of the 20 companies that have formally partnered with Facebook on the cryptocurrency project Libra, none have yet committed to funding the project.
In June, Facebook mentioned in the Libra white paper that the founding members of the Libra Association are expected to each inject $10 million into the project, but so far the parties have yet to reach an agreement on this. Furthermore, according to several sources,The fee was also not discussed at the Libra Association's inaugural meeting last week.
Mark Zuckerberg will testify before Congress tonight and is expected to explain to lawmakers that Libra is "independent of Facebook and beyond Facebook's control," according to released testimony.
The Libra Association declined to comment on the funding of member companies, and the association would not say whether it currently receives financial support from sources other than Facebook.
The Libra Association was led by Facebook to manage Libra. On October 14, the association was formally established. Just days before its launch, several well-known payment companies dropped their participation in the project due to concerns about security and political pressure.
Facebook said that after the association was formed, its influence would be limited because the other 20 association members had an equal say in its actions. Facebook's blockchain lead, David Marcus, has been selected as one of Libra's five directors.
Facebook is trying to dispel regulators' doubts about Libra through multiple angles. Here's part of Zuckerberg's testimony:
"Let's be clear - Facebook will not be involved in launching the Libra payment system anywhere in the world unless all regulators approve it."
"We support delaying the launch until it fully resolves U.S. regulatory concerns."
"The rest of the world will not wait while we discuss these issues. China is moving quickly to roll out similar ideas in the coming months."
"Our financial leadership is not guaranteed if Americans do not innovate."
The most important point is that Facebook has clearly realized that its reputation crisis is an obstacle that Libra must overcome. Unless this difficulty is overcome, it will be difficult for Libra to win the support of Washington.
"I understand that we're not ideal messengers right now. We've had a lot of problems over the last few years, and I'm sure people want to bring this idea up, not Facebook, but other companies."
However, regardless of Zha’s explanation, the claim that the Libra Association is an independent organization until it achieves financial autonomy will still be questioned.
A source from a Libra Association member company told the BBC: "We've seen Facebook start to come a little bit out of the group, maybe. But it's still a challenge for them, that's for sure."
A number of association member companies have told the BBC that the timing of the $10 million fee has not yet been set, but they have all indicated that they may contribute to the project when requested.
One of them offered a different approach: “Instead of raising a lot of money from a large group of people and then figuring out how to [promote the project], it feels like we need to create a budget, approve it, and then figure out how to provide for that budget.” money, not the other way around."
