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Libra Facebook Pixabay

eBay, Stripe and Mastercard Leave Facebook’s Libra Association

Avatar · in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Three more companies have decided to follow PayPal’s steps and leave the Libra Association. These firms are eBay, Stripe and Mastercard. This is according to a recent report released by Bloomberg. 

This decision comes after increasing scrutiny on Facebook’s Libra cryptocurrency project. 

eBay, Stripe and Mastercard Leave Facebook’s Libra

This is one of the latest blow that affected Facebook’s project of creating a worldwide cryptocurrency. 

According to an eBay’s spokesman, they are focused on rolling out their managed payments experience for customers. 

On the matter, this spokesperson commented:

“We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member. At this time, we are focused on rolling out eBay’s managed payments experience for our customers.” 

At the same time, a Stripe spokesperson mentioned that they are supportive of projects that aim at making online commerce more accessible for people around the world and they consider that Libra has this potential. 

In addition to it, the firm commented that they will follow Libra’s progress closely and remain open to working with the Libra association at a later stage. 

Facebook’s Difficult Situation

Facebook announced it was working on the Libra cryptocurrency back in June this year. Since that moment, many regulatory agencies have raised concerns about the effects that Libra could create on their economies. 

Some of the countries that were worried about Facebook’s plans included France, Germany, Singapore and the United States, among others. 

Moreover, Facebook’s CEO Mark Zuckerberg will have to testify before the U.S. House Committee on Libra by January. 

Maxine Waters, the chairwoman of the House Financial Services Committee, explained that Facebook is raising privacy, trading, national security and monetary policy concerns. 

The firm has over 2 billion users worldwide that would have access to a cryptocurrency that would allow them to send, receive or store funds in a fast and easy way. Moreover, it would provide services to individuals that are outside of the financial system. 

On Twitter, David Marcus, the co-creator of Libra, said that they are very calmly and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies. 

Finally, the Libra Association has also mentioned that 1,500 entities have indicated enthusiastic interest to participate in the Libra project. 

The Libra Association informed they will be sharing updates after October 14 about these entities that want to participate in the project. 

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