RATE Group | Visa, Mastercard Pull Out Of Facebook’s New Cryptocurre…
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Visa, Mastercard Pull Out Of Facebook’s New Cryptocurre…

13 Oct Visa, Mastercard Pull Out Of Facebook’s New Cryptocurre…

Posted at 15:54h in Cryptocurrency News by

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Visa and Mastercard have announced their departure from Facebook’s Libra project, a potentially fatal blow to the social network’s plan for a worldwide digital currency.

Along with the two payment giants, several other large companies have said they’re exiting Libra.

Payment processing company Stripe is stepping back, as well as online auction company eBay.

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

Facebook CEO Mark Zuckerberg. Image: Getty

Facebook has faced substantial criticism over its plans to create a separate, private currency system to allow cross-border payments.

The Libra Association, based in Switzerland, was supposed to give the currency project a comfortable arm’s length distance from Facebook, which wouldn’t own Libra.

Despite those efforts, financial regulators, as well as members of U.S. Congress on both sides of the political divide, noted the privacy issues raised with the social…

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