Mastercard, Visa, digital auction company eBay, payments firm Stripe and Mercado Pago have all pulled out of the Facebook-led Libra Association.

The Financial Times reported Friday that eBay and Stripe dropped out of the Libra cryptocurrency project, citing political pressure, following PayPal, which pulled its own support of the project earlier this week. A Mastercard spokesperson confirmed to CoinDesk that the company will be withdrawing as well.

In a statement, the Mastercard spokesperson said:

“Mastercard has decided it will not become a member of the Libra Association at this time. We remain focused on our strategy and our own significant efforts to enable financial inclusion around the world. We believe there are potential benefits in such initiatives and will continue to monitor the Libra effort.”

Likewise, a Visa spokesperson told CoinDesk, “Visa has decided not to join the Libra Association at this time. 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. Visa’s continued interest in Libra stems from our belief that well-regulated blockchain-based networks could extend the value of secure digital payments to a greater number of people and places, particularly in emerging and developing markets.”

An eBay spokesperson told the FT that while the company respects the Libra Association’s vision, it was instead choosing to focus on releasing a “managed payments experience” for its customers.

A Stripe spokesperson confirmed their company’s withdrawal as well, saying “Stripe is supportive of projects that aim to make online commerce more accessible for people around the world. Libra has this potential. We will follow its progress closely and remain open to working with the Libra Association at a later stage.”

A spokesperson for Mercado Pago said the company will re-evaluate Libra after there is “greater clarity” around the project.

The Libra Association is scheduled to have its first official meeting next week, where the remaining 23 members – which include both Facebook and its subsidiary Calibra – are supposed to sign the group’s charter. A Facebook spokesperson confirmed Friday that the meeting is still taking place as planned.

While the original 28 members of the Libra Association were revealed with the cryptocurrency project’s initial announcement, the members only signed non-binding letters of intent.

Source: https://www.coindesk.com/ebay-stripe-follow-paypal-in-quitting-facebooks-libra-project

Wahala for some people

I do not understand this. Political pressure from where. Can someone help explain this, I was hoping this Libra thing could take off without hitch and help solve a lot of problems.

tunjilomo:
I do not understand this. Political pressure from where. Can someone help explain this, I was hoping this Libra thing could take off without hitch and help solve a lot of problems.

This is what happens when politics mixes with any private project..... Facebook as a public company cannot create Libra without govt scrutiny.... If they were wiser they would have gone with a private company and absorbed it later.....
Govt on the other hand think they can control everything.... After the financial crisis of 2008, something had to be done that's how crypto and blockchain tech came into play... Before that blockchain was already being tested and was meant to be used as a digital timestamp for improved digital security..... But politicians don't like anything that is beyond their control... They are there screaming that crypto is used for illegal business and can't be traced meanwhile they go behind and pay criminals in crypto to do their dirty work for them......
If Facebook ever becomes successful in releasing Libra... I would immediately pull away from cryptocurrency... Because if there's anything is that history is bound to repeat itself and it will surely crash no matter what....
It's a shame.... It's either Libra falls or govt control it and the Chinese creators remove it totally....