21 October 2019

Facebook’s Libra in deep trouble

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Companies almost queued up when Facebook announced plans to launch its global cryptocurrency in 2020. Now it seems that the project could be delayed or scrapped altogether as it faces pressure from governments and regulators. reports citing foreign media that Visa, Mastercard, eBay, and Stripe have said they are leaving Facebook’s Libra one week after PayPal announced its withdrawal. In a statement explaining their decision, eBay, Visa, and Stripe all said they respect and continue to have interest in Libra, but had decided to focus on other projects. Mastercard did not respond to a request for comment.

The coalition of 28 corporate backers of the cryptocurrency is dwindling. Each participant is supposed to invest 10 million dollars in the project. The only two payment companies that still support Libra are PayU and Mercadopago. The development comes as the first official Libra council, the governing body of the cryptocurrency, is to start on 14 October.

2019.10.12 / 18:58
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