Another Big Name Pulls Out of Libra, Will Facebook’s "Crypto" Even Launch?

Another Big Name Pulls Out of Libra, Will Facebook’s

"Visa has decided not to join the Libra Association at this time", the company said in a statement.

Libra has faced intense regulatory scrutiny since it was first detailed this summer.

Visa, Mastercard, Stripe, eBay, PayPal and Mercado Pago were the six firms that dropped out ahead of Monday's meeting.

A spokeswoman for the Libra Association declined to comment on the meeting.

However, the currency has attracted considerable criticism from global financial institutions since it was unveiled by Facebook earlier this year, with Federal Reserve chair Jerome Powell having said previously that the central bank had "serious concerns" about the project, mostly relating to privacy, consumer protection and general financial stability.

Some states celebrate first Indigenous Peoples Day instead of Columbus
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The decisions come ahead of a scheduled Libra Association Council meeting on October 14 to sign the group's charter.

The association, whose remaining 22 members include ride-hailing firms Uber and Lyft, also consists of non-profit organisations, venture capital groups and blockchain firms. The outfit also touted the number of potential members that could fill the exiting partners' shoes, noting that about 180 entities met the initial membership requirements.

Facebook has faced criticism since the summer when it unveiled plans to create a separate, private currency system to allow users to make cross-border payments more easily. But Facebook is still involved, even at an arm's length. David Marcus from Facebook was elected along with Katie Huan from Andreessen Horowitz, Wences Casares from Xapo, Matthew Davie from Kiva and Patrick Ellis from PayU. CEO Mark Zuckerberg has been called in to testify before US Congress next week to answer questions around Libra. The committee chief and Democratic Representative Maxine Waters has been known to slander the project and its overall mission.

Facebook and the Libra Association have said they would not start trading or accepting deposits for Libra until they satisfy US regulators concerns.

"It is a correction; it's not a setback", said Dante Disparte, head of policy and communications for the Libra Association, whose 21 remaining members held their inaugural meeting in Geneva. Facebook has also hired several Washington lobbyists to help alieve regulator and political concerns over Libra.

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