Saturday, 12 October 2019

MasterCard and Visa quit Facebook's Libra Digital Currency Plan


Paypal was the first to exit Facebook's Libra currency association a week ago. Now MasterCard, Visa, Stripe, eBay, Mercado and Pago are quitting, too. This is a major disadvantage for Facebook's plans for a distributed, global cryptocurrency. The withdrawals leave Libra with no major USA payment processor.

Explanations given are that companies are supportive of projects that want to make online commerce more accessible for people around the world, but they want to focus on their own business. There are also doubts as to how well Libra can satisfy all required regulatory expectations.

The remaining Libra members are facing increasing pressure from governments and regulators, many of whom see the project as a threat to the existing financial system.





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