In recent time already for anybody not a secret that Facebook is developing its own cryptocurrency project “Libra Networks”. A more transparent approach would be less speculation on the market, but its development is strictly classified, and rules concerning the use of the cryptocurrency and payments. Recently the Senate Banking Committee, the US sent an open letter to the founder of the network Mark Zuckerberg with the requirement to provide detailed information about your project cryptocurrency, Libra.
Furthermore, according to Reuters, heads of subsidiaries Facebook, WhatsApp, Instagram and Messenger, are under close regulatory control in respect of the issue of confidentiality.
What caused the escape to Europe?
According to the latest Reuters, company Facebook the company was registered under the name “Libra Networks” with an office in Geneva, Switzerland, which is a subsidiary of Facebook. The new firm will provide financial and technological services and to develop the appropriate software. The company was incorporated on may 2, 2019, but the information about this event soon became known. In the application the scope of the work stated: “Investments, payments, funding, identity management, Analytics, big data, blockchain and other technologies”.
Facebook has acquired the rights to the trademark “Libra” and now actively involves the work of a new team for the development of the block chain, which includes more than 40 specialists of the FinTech industry. Now the platform of social networks has taken a more lenient position concerning advertising of cryptocurrency and blockchain projects.
It seems that the regulatory pressure on cryptocurrencies in the United States has forced Facebook to move to Europe to record his new crypto-related company.
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Tags: Facebook Libra Networks