Visa and Mastercard unsure of involvement with Facebook’s Libra project

  • The Wall Street Journal reports that Visa and Mastercard are considering their involvement with Libra.
  • Facebook is taking the concerns raised regarding Libra seriously by encouraging discussions from different fronts.

Some of the major backers of Facebook’s proposed Libra project are getting cold feet according to a report by the Wall Street Journal on October 1. The ongoing struggle to get Libra on the good side of the regulators is having Visa, Mastercard and other companies not mentioned question their participation in the project.

Facebook is lobbying for its partners to have a unified front in pushing Libra’s approval. However, very few among the 28 already identified members of the Libra Association are willing to support the project publicly. This is leaving Facebook with an entire load of defending Libra.

Libra has since the announcement in June this year, Libra has faced a backlash from regulators both in Europe and the United States. France has vowed to block Libra’s progress in its jurisdiction while other central banks in Europe believe that it has the potential to disrupt the euro’s stability.

The Libra Association is holding a meeting with its members on Thursday. The agenda of the meeting has, however, not been disclosed. It is likely that they will be discussing Libra’s charter in mid-October. According to David Marcus, a co-creator of Libra;

“Change of this magnitude is hard and requires courage + it will be a long journey. For Libra to succeed it needs committed members, and while I have no knowledge of specific organizations plans to not step up, commitment to the mission is more important than anything else.”

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