Was Facebook’s Libra Planning to Make Money in Dirty Ways?

Under a minute read
| Link

I know that’s kind of a clickbait headline but it’s from a quote by Mastercard CEO Ajay Banga, who dropped out of Facebook’s Libra organization after “multiple red flags.” Emphasis mine:

One reason was Libra’s leaders wouldn’t commit to abiding by laws around knowing their clients, money laundering, and data management, he told the newspaper.

“Every time you talked to the main proponents of Libra, I said ‘Would you put that in writing?’ They wouldn’t.”

It was also unclear to Banga how Libra would generate revenue, stoking his fears that it would make money in unscrupulous ways. “When you don’t understand how money gets made, it gets made in ways you don’t like,”

Facebook profiting off of money laundering?

Check It Out: Was Facebook’s Libra Planning to Make Money in Dirty Ways?

Was Facebook’s Libra Planning to Make Money in Dirty Ways?

2 Comments Add a comment

  1. webjprgm

    It may be a mix of zeal for open, unfettered things (some open source advocates come off a little strong too) combined with recognizing, but not wanting to vocalize, that much of the money to be made in cryptocurrencies is in markets that would not do so well with government regulations, therefore unscrupulous ones. I doubt Facebook would be deliberately nefarious, just willing to take advantage of others being nefarious if that’s what the primary use of cryptocurrency happens to be.

Add a Comment

Log in to comment (TMO, Twitter, Facebook) or Register for a TMO Account