Visa, Mastercard, others having second thoughts about Libra

(Reuters) – Visa, Mastercard and other key financial partners may reconsider their involvement in Facebook’s cryptocurrency Libra, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The financial backers to Libra did not want to attract regulatory scrutiny and declined Facebook’s requests to publicly support the project, according to the Journal report. Policy executives from Libra Association, the cryptocurrency’s two dozen backers, have been summoned to a meeting in Washington, DC, on Thursday, the WSJ reported. Reuters reported last week that Facebook could push back the launch of Libra to tackle regulatory concerns that have been raised around the world. Facebook’s David Marcus, overseeing the company’s Libra plans, said in a tweet in response to the Journal report that he wasn’t aware of any specific companies’ plans to “not step up”.

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