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Facebook, Visa, Mastercard, PayPal and Uber combine to create a cryptocurrency



June 14, 2019 17:01
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Updated June 14, 2019 17:04

Facebook works with several technology, financial and e-commerce companies to get its own cryptocurrency to conduct transactions between individuals and institutions, according to The Wall Street Journal.

The currency project has support, in addition to the social network, of companies such as Visa, Mastercard, PayPal and Uber, which will be part of a consortium called "Asociación Libra" (operation received the name Libra Project) and will act as supervisor of cryptocurrencies.

So Facebook will not have direct control over the currency, but it will be collegial cooperation of all members of the association, even though it is a company that runs Mark Zuckerberg as the main engine of this initiative, which will be released official next week.

Each participating company will contribute approximately $ 10 million to a cryptocurrency management consortium whose value will be tied to a basket of various international currencies to give it stability, for example, no Bitcoin.

In addition to the above-mentioned companies, other project participants according to the New York newspaper are Stripe payment company, Booking.com travel reservation portal and MercadoLibre, an Argentine e-commerce company.

Lack of direct control over the cryptocurrency (something that was initially speculated) will give Facebook more space to act in the face of more than likely intense control, which will be submitted to governments and regulators around the world, and particularly jealous of the company on privacy and user data management .


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