RATE Group | Payment firms back out in painful blow to Facebook’s cryptocurrency Libra | Technology
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Payment firms back out in painful blow to Facebook’s cryptocurrency Libra | Technology

11 Oct Payment firms back out in painful blow to Facebook’s cryptocurrency Libra | Technology

Posted at 21:53h in Cryptocurrency News by

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Nearly every payment firm that initially agreed to join Facebook’s cryptocurrency Libra has backed out, in a potentially fatal blow to the social network’s plan for a worldwide digital currency.

Visa and Mastercard said Friday they would no longer participate in the Libra Association and Latin American payment system Mercado Pago announced it would back out as well. Several other large companies have announced their departures from Libra.

Payment processing company Stripe said it was stepping back, as well as online auction company eBay.

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

The departures come as Facebook faces intensifying international legislative scrutiny over the currency. Politicians on both sides of the spectrum have questioned the privacy issues raised with Facebook controlling a currency, as well as concerns about money laundering.

On Wednesday, the Bank of England said Facebook would have to meet…

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