No Companies Have Officially Joined Libra Association Says Visa CEO

Alfred F. Kelly Jr., the CEO of Visa, mentioned that no corporations have formally joined Libra. At this stage, the 20-some corporations concerned with the muse have reportedly solely declared curiosity by way of a nonbinding letter of intent.

In accordance with an obvious transcript of a Q3 2019 earnings name for Visa dated July 23, Kelly mentioned:

“We have now signed a nonbinding letter of intent to affix Libra. We’re one in every of – I feel it is 27 corporations which have expressed that curiosity. So nobody has but formally joined.” 

As per the transcript, Kelly was responding to an inquiry from Bryan C. Keane — an analyst at Deutsche Financial institution Securities. Keane mentioned there was “some confusion out there” and requested whether or not Libra can be “a strategic accomplice for Visa or potential disruptive menace.”

Relating to Visa’s supposed involvement, Kelly mentioned that the corporate thinks Libra would profit the corporate, offered that it could actually meet regulatory necessities:

“We’re in discussions and our final determination to affix can be decided by a variety of components, together with clearly the power of the affiliation to fulfill all of the requisite regulatory necessities. So, Bryan, in my estimation, it is actually, actually early days and there is only a super quantity to be finalized. However clearly, provided that we have expressed curiosity, we truly consider we could possibly be additive and useful within the affiliation.”

As beforehand reported by Cointelegraph, Libra has been criticized for its option to entrust its governance to a consortium of company entities. On June 14, cryptographer Sarah Jamie Lewis wrote:

“Cannot await a cryptocurrency with the ethics of Uber, the censorship resistance of Paypal, and the centralization of Visa, all tied collectively beneath the confirmed privateness of Fb.”

Congresswoman Alexandria Ocasio-Cortez additionally referred to as Libra a “forex managed by an undemocratically-selected coalition of largely large firms” and challenged Calibra head David Marcus’ views on sovereign forex in one of many latest congressional hearings on Libra.

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