{"id":197206,"date":"2020-02-03T20:50:33","date_gmt":"2020-02-03T17:50:33","guid":{"rendered":"http:\/\/ww-vb.mine.nu\/w108\/i-dont-understand-how-that-works\/"},"modified":"2020-02-03T20:50:33","modified_gmt":"2020-02-03T17:50:33","slug":"i-dont-understand-how-that-works","status":"publish","type":"post","link":"https:\/\/hameed.nwar.uk\/sa\/i-dont-understand-how-that-works\/","title":{"rendered":"\u2018I don\u2019t understand how that works\u2019"},"content":{"rendered":"<p> [ad_1]<br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2019\/04\/FBNEWS-796x418.jpg\" \/><\/p>\n<div>\n<p>MasterCard chief exec Ajay Banga has lambasted Facebook\u2018s digital currency\u00a0<em>Libra<\/em>, citing the social media giant\u2019s apparently shaky attitude towards compliance for his company\u2019s departure from the project back in October.<\/p>\n<p>In an interview with Financial Times, Banga noted he believed that key members of the Libra Association weren\u2019t fully committed to \u201cnot do anything that is not fully compliant with local law,\u201d particularly in relation to anti-money laundering and data management concerns.<\/p>\n<p>\u201c\u2026 all that [\u2026]\u2009every time you talked to the main proponents of Libra, I said \u2018Would you put that in writing?\u2019 They wouldn\u2019t,\u201d Banga told FT.<\/p>\n<p><em>[READ:\u00a0Swiss president: \u2018Libra has failed\u2019]<\/em><\/p>\n<p>He also expressed that while he likes the idea of a global currency, Banga couldn\u2019t see how Libra actually makes money, stating \u201cwhen you don\u2019t understand how money gets made, it gets made in ways you don\u2019t like.\u201d<\/p>\n<p>In regards to Facebook\u2018s plan to build a separate proprietary wallet (Calibra) to store Libra, despite originally pitching its digital currency as an altruistic tool for financial inclusion, Banga affirmed that it \u201cdoesn\u2019t sound right.\u201d<\/p>\n<p>\u201cIf you get paid in Libra [\u2026], which go into Calibras, which go back into pounds to buy rice, I don\u2019t understand how that works,\u201d he said.<\/p>\n<h2>Major Libra backers have already pulled out<\/h2>\n<p>Facebook first revealed\u00a0<em>Libra\u00a0<\/em>in June last year, a blockchain-powered\u00a0digital currency that\u2019s backed by real-world assets and with a value weighted against a basket of international currencies to reduce volatility.<\/p>\n<p><span>This is unlike Bitcoin, which is more akin to a commodity as it isn\u2019t backed by anything other than itself, and has a price determined by cryptocurrency markets.<\/span><\/p>\n<p>Since then, the likes of MasterCard, Visa, PayPal, and Stripe have pulled out, most recently Vodafone announcing it would ditch Libra to fully focus on its own fintech solution, M-Peso.<\/p>\n<p class=\"c-post-pubDate\">\n                                    Published February 3, 2020 \u2014 17:44 UTC\n                                <\/p>\n<\/p><\/div>\n<p><script data-src=\"https:\/\/connect.facebook.net\/en_US\/sdk.js#xfbml=1&amp;appId=378011798897423&amp;version=v2.6\" id=\"socialSrcFacebook\" type=\"text\/template\"><\/script><br \/>\n<br \/>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/thenextweb.com\/hardfork\/2020\/02\/03\/facebook-libra-cryptocurrency-mastercard-ajay-banga-blockchain\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] MasterCard chief exec Ajay Banga has lambasted Facebook\u2018s digital currency\u00a0Libra, citing the social media giant\u2019s apparently shaky attitude towards compliance for his company\u2019s departure from the project back in October. In an interview with Financial Times, Banga noted he believed that key members of the Libra Association weren\u2019t fully committed to \u201cnot do anything &hellip;<\/p>\n","protected":false},"author":1,"featured_media":197207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-197206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tie-world"],"_links":{"self":[{"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/posts\/197206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/comments?post=197206"}],"version-history":[{"count":0,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/posts\/197206\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/media\/197207"}],"wp:attachment":[{"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/media?parent=197206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/categories?post=197206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/tags?post=197206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}