June 19, 2024

Visa and Mastercard leave Libra project

Visa and Mastercard leave Libra project

Visa and Mastercard have announced their withdrawal from the Libra project, which could negatively impact its release and success.cryptocurrencies. Along with 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 towards the Libra project, said that if Facebook wants to become a bank, then 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 support from Visa andMastercard could be very significant, since having such powerful partners gave the project some legitimacy, from a public point of view. 

Based on materialswww.irishexaminer.com