Facebook Libra loses support from Visa, Mastercard, eBay, and Stripe

OpenLibra ICO

"We are focused on moving forward.to achieve a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people". They also wanted these companies to consider how would they be able to manage these risks before going ahead with this project given that Facebook has not yet proven to U.S. Congress or to financial regulators "that it is taking these risks seriously".

Visa, EBay, Stripe and Mastercard have all announced that they are dropping out of Facebook's Libra Association and its associated stablecoin project.

"Stripe is supportive of projects that aim to make online commerce more accessible for people around the world", Stripe said.

In a blow last week, PayPal announced to withdraw from the Libra Association - the 28-member non-profit organisation formed by the social networking giant for the global roll out of its digital cyrptocurrency next year. "Libra has this potential", said a company spokesperson.

"Although the makeup of the association members may grow and change over time, the design principle of Libra's governance and technology, along with the open nature of this project, ensures the Libra payment network will remain resilient", spokesman Dante Disparte said in response to an AFP inquiry. On top of that, these announcements are coming out just a matter of days before Facebook holds its first meeting for the Libra Association on October 14.

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The Libra Association is composed of about two dozen organizations, including Facebook. Also, representatives from the companies will appoint a board of directors for the Libra Association at the meeting.

In message on Twitter posted Friday evening, Marcus said "the pressure has been intense", and that he respects Visa and Mastercard's decision to "wait until there's regulatory clarity for Libra to proceed".

Libra, launched by Facebook in June with a promise to bring digital payments to the 1.7bn people without a bank account, is meant to be a global digital currency whose value remains stable. Among the Libra Association's founding members was PayPal, which David Marcus left to join Facebook.

But both Visa and Mastercard made it clear from the onset that their interest in Libra was at least partly out of curiosity.

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