Facebook cryptocurrency Libra Association Visa and other 4 companies withdrew

By Memphis Morning News Reporter On 12 Oct, 2019 At 12:43 PM | Categorized As Latest News | With 0 Comment

The social networking site Facebook (Facebook) is about to launch the global cryptocurrency Libra, but has been fiercely criticized by regulators around the world, and today more companies have withdrawn from the Libra digital currency alliance.

Agence France-Presse reported that credit card giants Visa and MasterCard Inc. and online auction and shopping site eBay and digital payment system Stripe have announced that they have changed their minds and do not want to promote Libra digital Founding member of the Libra Association of Money.

Mastercard said in an email statement: “Mastercard now decides not to be a member of the Libra Association.”

The statement said: “We are still focusing on our strategy and focus on building a global inclusive financial system. We believe that such initiatives may bring benefits and we will continue to monitor Libra’s issuance.”

A Visa spokesperson also offered a similar statement announcing that Visa has withdrawn from the league but may rejoin in the future.

Visa said: “We will continue to evaluate and our final decision will be influenced by a number of factors, including the Libra Association’s ability to fully comply with all regulatory expectations.”

EBay, based in Silicon Valley, said: “We respect the vision of the Libra Association, but eBay has decided not to become a founding member.”

Stripe also said that Libra’s progress will continue to be tracked, and whether it will work with the Libra Association will remain open.

Stripe said: “Stripe is very supportive of programs that allow people around the world to use e-commerce. Libra has great potential.”

The Libra Association confirmed that these companies are no longer founding members, but said they will continue to form alliances with groups such as businesses and social welfare organizations to implement Libra’s issuance. After the withdrawal of these companies today, the Libra Association’s founding members were reduced to 23.

Before these companies announced their withdrawal, the US Senate had acted as a financial institution, mentioning that if they participate in the new currency plan, they would be closely examined by the regulators.

PayPal, a pioneer in online transaction payment platform, announced last week that it will withdraw from Libra’s Libra Association.

Credit : https://www.cna.com.tw/news/firstnews/201910120066.aspx

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