February 5, 2023

Visa and Mastercard leave Libra project

Visa and Mastercard leave Libra project

Visa and Mastercard announced their departure from the Libra project, which could adversely affect release and success cryptocurrencies. Along with the payment giants, Stripe and eBay also left the project.

Recall that US senators recently sent warning letters to Visa, Mastercard and Stripe, which advise them not to get involved in the project.

PayPal was the first major partner to be scared away and forced to leave the project by strong regulatory pressure.

Facebook has been constantly criticized in connection with its plans to create a separate private currency system that allows cross-border payments.

President Donald Trump, expressing his negative attitude to the Libra project, said that if Facebook wants to become a bank, the company must obtain a license and obey the law.

Financial regulators and members of Congress on boththe parties of the political abyss do not like the fact that the giant of social networks will control the currency, which is why they are trying to influence the major market participants who support the company.

Consequences of loss of Visa andMastercard can be very significant, since the presence of such influential partners gave the project some legitimacy from a public point of view.

According to the materials www.irishexaminer.com