Monday, 21 October, 2019

Mastercard, eBay, Visa and Stripe join PayPal in Facebook Libra exodus

OpenLibra ICO eBay, Visa and Mastercard pull out of Facebook's Libra cryptocurrency
Patty Aguilar | 12 October, 2019, 14:43

"At this time, we are focused on rolling out eBay's managed payments experience for our customers".

"The pressure had been intense (understatement), and I respect their decision to wait until there is regulatory clarity for Libra", Marcus said.

The departures on Friday came after United States senators sent letters to several financial firms noting that they could face "a high level of scrutiny from regulators" if they participated in the new currency plan.

Credit card giants Visa and Mastercard, online marketplace eBay and digital payments firm Stripe each announced they had changed their minds about being founding members of the Libra Association assembled to promote the digital currency.

With these withdrawals, Libra is left with no major U.S. payment processor. "We will follow its progress closely and remain open to working with the Libra Association at a later stage". "Libra has this potential", said a company spokesperson.

"Visa has decided not to join the Libra Association at this time", the company said in a statement.

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In the span of one week, four big corporate partners have backed out of Facebook's controversial plan to launch a digital currency called Libra.

"If you take this on, you can expect a high level of scrutiny from regulators not only on Libra-related payment activities, but on all activities", Senator Sherrod Brown and fellow Democratic Senator Brian Schatz wrote in the letters.

In a statement, the spokeswoman said the group was "focused on moving forward and continuing to build a strong association" as it worked to create 'a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people'.

As a matter of fact, the announcement comes just two days before the Libra Association's meet in Geneva, where the members are expected to sign a chartered agreement.

Despite those efforts, financial regulators, as well as members of Congress on both sides of the political divide, noted the privacy issues raised with the social networking company controlling a currency, while also expressing concern about how Libra could be used for money laundering like Bitcoin or Ether, other digital currencies. And Facebook CEO Mark Zuckerberg is scheduled to testify about Libra in front of the House Financial Services Committee on October 23.

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