Facebook Inc's Libra cryptocurrency faced a pivotal meeting of backers on M...
But the departure of major financial firms means Facebook’s Libra can no longer count on a global player to help consumers turn their currency into Libra and facilitate transactions. This presents a new stumbling block for Libra’s efforts to convince regulators and politicians about the coin’s safety.France pledged last month to block Libra from operating in Europe, while the Bank of England laid out high hurdles it must meet before its launch. U.S.
Libra, announced as Facebook expands into e-commerce, will be backed by a reserve of real-world assets, including bank deposits and short-term government securities, and overseen by the Libra Association. The structure is intended to foster trust and stabilise the price volatility that plagues cryptocurrencies and renders them impractical for commerce and payments.
Reporting by Tom Wilson; additional reporting by Ankit Ajmera in Bangalore and Peter Henderson in San Francisco; Editing by Pravin Char and Lisa Shumaker
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