Canadian e-commerce giant Shopify to join Facebook-led Libra currency group

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Canadian e-commerce giant Shopify to join Facebook-led Libra currency group

Despite a bucket of criticisms winding around Facebook’s Geneva-based cryptocurrency project, Libra, which analysts said had made a mischievous attempt to bypass global traditional financial systems to proffer services based on its digital asset that was not even backed by a single physical currency and was caught red-handed by the global financial policymakers, Canadian e-commerce giant, Shopify Inc.

that largely depends on sales of luxury goods, had issued a public statement on Friday, the 21st of February 2020, saying that its management board had agreed to join the Facebook-led Libra Association, though it still remains uncertain whether the Facebook Inc.’s planned digital currency could be brought in to the mainstream markets unless it agrees to be backed by a physical currency.

In fact, the social networking Goliath, Facebook Inc., had made an announcement regarding a planned launch of its digital currency Libra on June last year, however the attempt had faced off a flurry of criticisms from lawmakers and financial policymakers from all over the globe, eventually goading a departure of payment processors such as PayPal Holdings Inc.

and Mastercard Inc. form the association over the recent past. Nevertheless, amid a raft of rejections among lawmakers, politicians and financial policymakers in the United States alongside EU against the launch of Facebook Inc.’s Libra, pledging to the Geneva-based Libra Association, Shopify said in a statement on Friday (February 21st), “We will work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere. ”