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Mastercard, Visa quit Facebook’s Libra digital currency project
- Monday | 14th October, 2019
(Reuters) – Facebook Inc’s ambitious efforts to establish a global digital currency called Libra suffered severe setbacks on Friday, as major payment companies including Mastercard and Visa Inc quit the group behind the project. They join PayPal Holdings Inc which exited the group a week ago, as global regulators continue to air concerns about the project. The remaining association members, including Lyft and Vodafone, consist mainly of venture capital, telecommunications, blockchain and technology companies, as well as nonprofit groups. “Visa has decided not to join the Libra Association at this time,” the company said in a statement. Almost immediately afterwards, the project faced relentless scrutiny from global regulators, who said it raised a host of serious questions that the group had yet to answer.
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