The cryptocurrency initiative of Facebook began to doubt not only the authorities of different countries, but also its partners. Their concerns are mainly related to the regulatory pressure on the project, reports The New York Times .

A wide partnership network consisting of such large companies as Visa, Mastercard and Uber is considered one of the keys to Facebook’s success in implementing its Libra project. However, some of the partners do not seem so sure of this success.

According to the publication, 7 of the 27 Libra partners reported that they had joined the project with the condition that they would not have to promote the token or use it. In addition, they reserved the right to refuse to participate in the Facebook project if something goes wrong.

Which companies have such a right, however, is not specified.

Apparently, companies are hesitant to be too closely tied to Libra due to the harsh remarks of regulators from different countries. For example, some said that the Facebook coin threatens banks, while others called on the company to suspend work on Libra.

The chairman of the Federal Agency for Financial Supervision of Germany stated:

“We definitely can't just watch. We will have to somehow respond to this. I can only hope that we will succeed in developing at least European, if not global, basic standards. ”

In addition, the concerns of partner companies may be related to scandals around Facebook and the confidentiality of user data, as well as regulatory uncertainty in the crypto industry.

It is noteworthy that so far none of the partners have made a deposit of $ 10 million for the right to join the Libra Association consortium, which was previously mentioned on Facebook. Representatives of a number of companies stated that they would make a final decision whether to join this organization and pay only after the principles of Libra’s work became clearer.

The publication also reports that Facebook offered to join the project to several large financial companies, including Goldman Sachs, JPMorgan Chase and Fidelity, but they refused. Sources familiar with the situation report that their refusal was largely due to legal uncertainty regarding digital assets.

Representatives of banks declined to comment on this issue, and Fidelity said that while looking at the project.

Nevertheless, the Libra Association states that since the official announcement of Libra, they have received applications from many interested companies in the project. According to representatives of the consortium, they will form a “waiting list” for those who want to be among the first hundred members of the association.

It is also worth noting that Coinbase, the largest American cryptocurrency company, became one of the first partners of Libra. However, according to the publication, some employees of Coinbase still have big doubts in the initiative, since Facebook has repeatedly been accused of violating confidentiality, which is one of the main values for the crypto community.

Similar doubts were with another cryptocurrency company that became a partner of Libra, Bison Trails. However, Facebook has managed to dispel them.

“My first reaction was: Facebook’s reputation for data privacy leaves much to be desired. However, Facebook has shown that it is serious about protecting the privacy of its users, partly because the company will not fully control Libra, ”said Bison Trails executive director Joe Lallouz.

Thus, management will be transferred to the association, in which Facebook will have only one vote out of 100 potential partners. It is expected that partners will meet in the coming months to write a charter governing the activities of the consortium.

Earlier, BlockchainJournal published a list of partners of the Facebook cryptocurrency initiative.

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