MasterCard CEO: These are the reasons for our withdrawal from the “Facebook” digital currency project
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Answer MasterCard CEO: These are the reasons for our withdrawal from the “Facebook” digital currency project
Ajay Banga, CEO of MasterCard, revealed the reasons that prompted MasterCard payments coins to withdraw from the Facebook digital currency project known as the Libra project.
Ajayi mentioned that the business model for the Facebook digital currency project is unclear.
He stated this in an interview in the Financial Times and told:
When you don’t understand how money is made in a project, it is usually earned in inappropriate ways.
Concerns were about user data in the project.
He also said that the beginning of the “Facebook” digital currency project was intended to become a tool for financial inclusion, but when the project revealed its own digital wallet, “Calibra Wallet”, fears increased for “MasterCard”.
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He added that the idea started as a project aimed at humanitarian ideas, but the creation of a digital wallet affiliated with Facebook seems to have other goals.
The CEO of MasterCard had some concerns that members of the Libra Association were not adhering to compliance steps such as know-your-customer (KYC) and anti-money laundering (AML) requirements.
It is worth noting that MasterCard withdrew from the project last October, in addition to a number of companies such as “Paypal” and “Visa”, in addition to the telecommunications giant “Vodafone”, which Withdrawn At the beginning of last January.
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