Visa, Mastercard shun Facebook's Libra digital currency plan

Crypto Credit Lines Sponsored   Crypto 1 minBreaking Visa Mastercard eBay Stripe All Leave Libra Nick Chong 1 min ago

Crypto Credit Lines Sponsored Crypto 1 minBreaking Visa Mastercard eBay Stripe All Leave Libra Nick Chong 1 min ago

"We are focused on rolling out eBay's managed payments experience for our customers".

PayPal was the first of Libra's big partners to leave, announcing last week it would no longer be involved.

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.

Within the hour or two after the FT's revelatory report, both Mastercard and Visa - seen by many in the crypto community to be the Association's two most important partners - also revealed that they will be rescending their membership. "We believe there are potential benefits in such initiatives and will continue to monitor the Libra effort". In their own comment, Visa cited Libra's inability to "fully satisfy all requisite regulatory expectations".

"We look forward to the inaugural Libra Association Council meeting in just 3 days and announcing the initial members of the Libra Association", said Dante Disparte, head of policy and communication for the Libra Association, while confirming the exits.

A Visa spokesperson offered a similar statement, indicating the company was dropping out of the alliance but could rejoin in the future.

We are focused on moving forward and continuing to build a strong association of some of the world's leading enterprises, social impact organizations and other stakeholders.

"Visa's continued interest in Libra stems from our belief that well-regulated blockchain-based networks could extend the value of secure digital payments to a greater number of people and places, particularly in emerging and developing markets".

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