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The CEO of Visa said that the listed members of the Libra Association have only signed a nonbinding letter of intent and have not officially joined.
Alfred F. Kelly Jr., the CEO of Visa, said that no companies have officially joined Libra. At this stage, the 20-some companies involved with the foundation have reportedly only declared interest via a nonbinding letter of intent.
According to an apparent transcript of a Q3 2019 earnings call for Visa dated July 23, Kelly said:
"We have signed a nonbinding letter of intent to join Libra. We're one of â I think it's 27 companies that have expressed that interest. So no one has yet officially joined."Â
As per the transcript, Kelly was responding to an inquiry from Bryan C. Keane â an analyst at Deutsche Bank Securities. Keane said there was âsome confusion in the marketâ and asked whether Libra would be âa strategic partner for Visa or potential disruptive threat.â
Regarding Visaâs intended involvement, Kelly said that the company thinks Libra would benefit the company, provided that it can meet regulatory requirements:
âWe're in discussions and our ultimate decision to join will be determined by a number of factors, including obviously the ability of the association to satisfy all the requisite regulatory requirements. So, Bryan, in my estimation, it's really, really early days and there's just a tremendous amount to be finalized. But obviously, given that we've expressed interest, we actually believe we could be additive and helpful in the association.â
As previously reported by Cointelegraph, Libra has been criticized for its choice to entrust its governance to a consortium of corporate entities. On June 14, cryptographer Sarah Jamie Lewis wrote:
âCan't wait for a cryptocurrency with the ethics of Uber, the censorship resistance of Paypal, and the centralization of Visa, all tied together under the proven privacy of Facebook.â
Congresswoman Alexandria Ocasio-Cortez also called Libra a âcurrency controlled by an undemocratically-selected coalition of largely massive corporationsâ and challenged Calibra head David Marcusâ views on sovereign currency in one of the recent congressional hearings on Libra.
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