{"id":7901,"date":"2019-10-12T03:51:04","date_gmt":"2019-10-11T22:51:04","guid":{"rendered":"http:\/\/umang.pk\/2019\/10\/payments-giants-abandon-facebooks-libra-cryptocurrency\/"},"modified":"2019-10-12T03:51:04","modified_gmt":"2019-10-11T22:51:04","slug":"payments-giants-abandon-facebooks-libra-cryptocurrency","status":"publish","type":"post","link":"https:\/\/umang.pk\/ur\/2019\/10\/12\/payments-giants-abandon-facebooks-libra-cryptocurrency\/","title":{"rendered":"Payments giants abandon Facebook’s Libra cryptocurrency"},"content":{"rendered":"
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Facebook said it will launch Libra in 2020
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Mastercard, Visa, eBay and payment company Stripe pulled out of Libra, Facebook's embattled cryptocurrency project. <\/p>\n

Their move, first reported in the Financial Times, follows the PayPal withdrawal announced last week.<\/p>\n

This is a big blow to social network plans to launch what is envisioned in global currencies.<\/p>\n

The project has been thoroughly investigated, especially in the United States by regulators and politicians.<\/p>\n

Mark Zuckerberg, Facebook's chief executive, will appear at the House of Representatives Committee on Financial Services on October 23 to discuss Libra and the planned launch. <\/p>\n

Regulatory authorities have raised a number of concerns about Libra, including the risk of being used for money laundering.<\/p>\n

Mercado Pago, a payment company serving mostly Latin America, also withdrew. That means PayU, one of six payment-related companies that first got involved in Libra. The Dutch-based PayU did not respond to requests for comment on the BBC on Friday.<\/p>\n

In a statement released Friday, eBay said it "respected" the Libra project. <\/p>\n

\u201cBut eBay decided not to move forward as a founding member. We are currently focused on providing our customers with a managed payment experience on eBay. " <\/p>\n

A Stripe spokesman said the company backed the goal of making payments around the world easier. <\/p>\n

"Libra has this potential. We will continue to follow up on that progress and keep it open for future collaboration with the Libra Association." <\/p>\n

A visa spokesman said, "We will continue to evaluate and our ultimate decision will be determined by several factors, including the Association's ability to fully meet all mandatory regulatory expectations."<\/p>\n

The Libra Association, which Facebook established to manage the project, said about the deviating companies: \u201cWe appreciate their support for the goals and mission of the Libra Project. <\/p>\n

"The composition of our association members can grow and change over time, but Libra's governance and technical design principles and the open nature of this project ensure that our Libra payments network stays resilient. <\/p>\n

"We look forward to hosting the first Libra Association meeting in just three days and to announce the initial members of the Libra Association."<\/p>\n

Facebook executives in charge of Libra wrote on Twitter that losing the company was "freed."<\/p>\n

Before joining Facebook, PayPal president David Marcus said, \u201cBe careful not to read the fate of Libra in this update.<\/p>\n

"Of course it's not good news in the short term, but it's liberated. Stay tuned soon. Changes in this scale are difficult. I know you're doing something when too much pressure is applied."<\/p>\n

Last week, PayPal would no longer belong to the Libra Association, but it did not rule out future project work and sparked a strong reaction from the association.<\/p>\n

The statement said, "Dedication to that mission is more important to us than anything else." "We recommend knowing about this lack of promise now."<\/p>\n

_____<\/p>\n

Dave Lee Follow <\/i>Twitter @DaveLeeBBC<\/a><\/p>\n

Do you have more information about this or any other technical case? You can securely connect directly to Dave through an encrypted messaging app. Signal: +1 (628) 400-7370<\/p>\n<\/p><\/div>\n