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Facebook Libra: Visa, Mastercard, eBay, Stripe Follow PayPal in Quitting

October 12, 2019 at 3:41 PM | By Jit Sutradhar News

Mastercard, Visa, eBay auctions digital business, payment and signature stripe Payment Market have withdrawn from the Libra Association headed by Facebook.

The Financial Times reported on Friday that eBay and stripes cryptocurrency left the Libra project, citing political pressure, following PayPal, who took his own support for the project earlier this week. A Mastercard spokesman confirmed that the company CoinDesk is also removed.

In a statement, the spokesman for Mastercard said:

“Mastercard has decided it will not become a member of the Libra Association at this time. We remain focused on our strategy and our own significant efforts to enable financial inclusion around the world. We believe there are potential benefits in such initiatives and will continue to monitor the Libra effort.”

Similarly, a spokesman for Visa said CoinDesk, “Visa has decided not to join the Association Libra at this time. We will continue to evaluate and our final decision will be determined by a number of factors, including the ability of the Association to fully satisfy all necessary regulatory expectations. Visa continued interest in Libra stems from our belief that well-regulated networks based on blockchain could extend the value of secure digital payments to a greater number of people and places, especially in emerging and developing markets. ”

An eBay spokesman told the FT that while the company respects the vision of the Association of Libra, which was instead choosing to focus on the release of a “managed payments experience” for its customers.

A spokesman for the line confirmed the withdrawal of your company as well, saying “Raya is supportive of projects that aim to make online commerce more accessible to people around the world. Libra has this potential. We will follow its progress closely and remain open to working with the Association of Libra at a later stage “.

A spokesman for Mercado Pago said the company re-evaluated after Libra is no “clarity” about the project.

Pound Association is scheduled to have its first official meeting next week, where the remaining 23 members – are supposed to sign the group’s charter – which include both Facebook and its subsidiary Calibra. A Facebook spokesman confirmed Friday that the meeting is still being carried out as planned.

While the original 28 members of the Association of Libra developed with the initial announcement of cryptocurrency project, the only members signed non-binding letters of intent.

Nonprofit Kiva and Mercy Corps, venture firm Andreessen Horowitz (A16Z), Anchorage crypto custodian and provider of portfolio XAPO CoinDesk Friday confirmed his intention to stay at the Association of Libra.

Regulatory pushback

Facebook unveiled its vision for Libra in June 2019, announcing an ambitious project to provide banking services to more than 1 billion people currently lack access.

However, the project was immediate reversal of legislators worldwide, with German and French officials vowing to block its release and US Representative Maxine Waters suspension is requested in development to regulatory hurdles are cleared project.

More recently, US Senators Brian Schatz and Sherrod Brown wrote identical letters in check, Visa and Mastercard, warning of the effects of “cooling” pound could have on the global financial system and implying that participation in the project may lead to greater regulatory scrutiny of their own businesses.

Facebook CEO Mark Zuckerberg, is scheduled to testify before the Committee on Financial Services of the House, which Rep. Waters chairs, later this month.

Facebook CEO Mark Zuckerberg image via Frederic Legrand – COMEO / Shutterstock

This article is republished from coindesk.com. If you have any questions, objection or any other matter you can contact us. Thank you for visiting our website.

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