Over the past few months, the media attention aroused by PoundFacebook's cryptocurrency has eased significantly. A drop in attention most likely resulting from contrary reactions institutionally aroused by the new creature of Mark Zuckerberg.
However, there is news that could once again bring public attention to Pound. Let's see what it is and what its interest lies.
Shopify joins the Libra Association
Shopify, Canadian e-commerce giant, joined the Libra Association, the foundation called to support Facebook's stablecoin. A news that goes against the trend, if you think that in the past months other actors initially entered the project, such as Mastercard, Visa and eBay had also left the ship.
The e-commerce platform operating in Canada gave the news, in an official press release dated 21 February. In particular Shopify will collaborate in the creation of a global payment network within the Libra Association. The operator hosts over a million merchants and therefore represents a remarkable reality, even if its reputation is certainly not equal to that of the companies that have abandoned Libra. Despite this, the Libra Foundation reacted with great enthusiasm to the event, posting a message on Facebook in which it indicates the Canadian company as a “Incredible partner”.
The Shopify release
Shopify itself explained the reasons that led her to join the Libra Association. That would be to be found in the fact that the current traditional financial architecture has not been launched with the task of serving the needs of the Internet, which are also different in terms of size. Just to solve the serious problems in terms of speed, convenience and security that characterize the current payment methods, the platform has therefore decided to join the Libra project.
The news seems destined to revive the debate around the Facebook stablecoin, after a series of abandonments that had made analysts doubt the actual validity of Zuckerberg's project.
The perplexities of the institutions remain
In the meantime, it should be registered as Libra still raised considerable resistance in institutional and political circles. If the United States Congress was the first to move to hinder the project, the opposition then expanded to include the European Union, which recently made it known that it did not know how to move in relation to the Facebook cryptocurrency.
A series of resistances that are quite understandable in the light of great ambitions spelled out in the White Paper of Libra, such as to push some analysts to judge the project a real assault on the imperial power of the dollar. Able, therefore, to go to upset consolidated geopolitical structures.
The issue of the Chinese cryptocurrency
It should also be stressed that some analysts begin to look with a certain amount perplexity to the resistance placed by the US institutions against Libra. Especially in light of the fact that it could be attacking the imperial power of the dollar in the coming years Chinese CBDC, for which the testing phase has already started.
According to these observers, in practice, the United States would worry too much about Libra and too little about Beijing's moves. A rather short-sighted attitude, which could eventually deliver a position of great strength to China, also in the financial sector.