Tuesday
February 4
2020

Facebook Libra’s Promise of Financial Inclusion ‘Doesn’t Sound Right,’ Says Mastercard CEO

The CEO of Mastercard has revealed why the company pulled out of Facebook’s Libra cryptocurrency project, saying he “doesn’t understand how it works”.

Ajay Banga said Facebook was unable to sufficiently address concerns about financial inclusion, compliance with local laws and a business model capable of generating money.

Mastercard was one of the original members of the Libra Association – a 28-member nonprofit organisation set up last year to oversee the roll-out of the cryptocurrency – but quit within months amid significant scrutiny from global regulators.

Source: Independent (link opens in a new window)

Categories
Finance, Technology
Tags
digital payments, Facebook, financial inclusion, fintech