Facebook is actively defending its forthcoming cryptocurrency by hiring lobbying firms to represent Libra in courts.
The social media giant employs FS Vector consultants to lobby for its cryptocurrency project all over the world. However, according to the latest information, Facebook may require other lobbying firms’ services to safeguard Libra.
The regulatory authorities of the USA and Europe call into question the international status of the future coin as a means of payment. Therefore, FS Vector’s activity as a blockchain-oriented firm was aimed at proving the new cryptocurrency’s efficiency and safety.
However, the regulatory restriction may prevent Facebook from launching Libra in the coming year or even force the company to shut down the project. The thing is that international payment services are currently flourishing even despite certain restrictions, and the launch of a new blockchain system would stop their domination in the market.
According to the latest information, that was the reason why Facebook was seeking the assistance of such lobbying companies as the OB-C Group, the Cypress Group, BakerHostetler, the Davis Polk, and the Sternhell Group in order to enhance Libra’s popularity among policymakers.
However, the cryptocurrency market faced negative consequences caused by Facebook cryptocurrency’s introduction as well. For example, this led to Bitcoin price changes and harsher restrictions’ implementation in relation to other cryptocurrencies.
The aforementioned facts, as well as recent news on illegal operations involving cryptocurrency (terrorist financing, illicit drug purchasing, etc.) can make null and void all attempts to create a free blockchain-based payment system.
As mentioned earlier, a record bitcoin fraud was reported last week with a total amount of more than a quarter of a billion dollars.
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