February 27, 2024

Visa, Mastercard, PayPal and Stripe are not ready for official entry into the Libra Foundation

Visa, Mastercard, PayPal and Stripe are not ready for official entry into the Libra Foundation

According to a new Bloomberg article, Visa, Mastercard, PayPal and Stripe have all withdrawn their official participation in the stablecoin projectLibra

Four global payment companies, keyparticipants in the traditional market strive to maintain good relations with regulators, as they are crucial in the successful work of payment companies. According to a Nilson report, Visa and MasterCard are among the most popular global payment systems.

In turn, the heads of payment companiesConcerned about Facebook's privacy issues. Executives also believe Facebook is exaggerating the level of support it is showing from regulators around the world. Since the announcement of the Libra project, almost all countries of the world have responded to the new development. Many of them were quite critical of her.

Facebook is currently seeking to increaseLibra Association support. Meanwhile, according to the article, Libra's technological development is moving faster than expected. Calibra and four other members of the Libra Association are testing the network of nodes and the process of sending transactions.

Despite technological progress, the Libra projectremains uncertain as Libra members rethink their obligations in the face of a monumental, unprecedented regulatory departure.