The decision of several companies comes after PayPal decided to drop out of the Libra Association, the group that will develop and maintain Libra. It has now been followed by MasterCard, Visa, Stripe, Ebay and Mercado Pago. "Visa has decided not to join the Libra Association at this time," the company said in a statement.
"We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association's ability to fully satisfy all requisite regulatory expectations."
Co-creator of Libra, David Marcus took to Twitter to respond to the news.
I would caution against reading the fate of Libra into this update. Of course, it's not great news in the short term, but in a way it's liberating. Stay tuned for more very soon. Change of this magnitude is hard. You know you're on to something when so much pressure builds up.-- David Marcus (@davidmarcus) October 11, 2019
Regulators and politicians around the world have expressed concerns about Libra. Concerns range from monetary policy to data collection and use, which is something Facebook has a chequered record with.
Written by: James Delahunty @ 12 Oct 2019 17:59