Shopify joins Facebook's Libra Association

Darnell Taylor
February 25, 2020

However, a handful of big companies left the Association, realizing that the path towards regulatory clarity for Facebook to launch Libra is not a straight or easy one. While this may be a win for Facebook's Libra Association, the status of the Libra stablecoin remains cloudy.

Besides, the statement outlines the primary goal to establish a more empowering infrastructure for entrepreneurs around the world.

At the beginning of the post, Shopify makes it clear that as online commerce keeps growing it's easy to forget "payments and the value exchange of goods are not a solved problem".

Shopify also said that their mission has always been to be able to support the entrepreneurial journey of the huge number of more than 1 million merchants on their platform.

Cointelegraph requested each the Libra Association and Shopify in regards to the potential implications of the brand new addition to Libra's founding group however didn't obtain an instantaneous response. That threw into question whether Libra would have the right partners to make the cryptocurrency accepted in enough places to be useful to people.

In an acknowledgement the European Union is unsure how to proceed, the Commission claims the information it has received from Facebook "remains insufficient for determining the precise nature of Libra and, by extension, its relation with existing European Union law". "That's why we chose to become a member of the Libra Association", Shopify said in its post.

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"We are proud to welcome Shopify, Inc".

Ottawa-based e-commerce company Shopify Inc. has joined Libra Association, the group behind Facebook's plan to create a global cryptocurrency that first attracted - and then lost - backing from key financial players including Visa, Mastercard and PayPal.

"We're excited to be part of the Libra Association and look forward to how the project may improve commerce everywhere". Also, fear of government clampdown on their other businesses is compelling some of them to rethink their association with Libra, factoring the cost of a face-off with the government.

Operating an ecommerce store can be hard or impossible without a traditional bank account that can be tough to attain in some developing countries. "The French Finance Minister Bruno Le Maire said, "the monetary sovereignty of countries is at stake from a possible privatisation of money. we can not authorise the development of Libra on European soil".

Libra was initially slated to launch in 2020.

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