Facebook was frustrated and six members, including Visa MasterCard, quit the Libra Money Association.

 Facebook was frustrated and six members, including Visa MasterCard, quit the Libra Money Association.

Netease Technologies News, Oct. 12, according to foreign media reports, following the announcement by PayPal, an online payment company, to withdraw from Facebooks proposed encrypted currency Libra project, Visa, Mastercard, eBay, Strible and Mercado Pago also announced their withdrawal, dealing a heavy blow to Facebooks plan to create a distributed global encrypted currency.

A spokesman for Visa said: Visa has decided not to join the Libra Association now, but we will continue to evaluate the project. Our final decision will depend on a number of factors, including the ability of the Libra Association to fully meet all necessary regulatory expectations.

The withdrawal of these payment companies has deprived Libra of its main supporters of the payment process, which is a serious problem for this fledgling project.

The first formal meeting of the Libra Monetary Association is scheduled to be held in Geneva on October 14. This meeting may lead to more specific commitments from all relevant members, which may be an important reason for their recent withdrawal. In addition, as Libra has been criticized and censored more and more, its future is uncertain because of the successive launches of its founding members.

We highly respect the vision of the Libra Money Association, eBay said in a statement. However, eBay has decided not to help promote this vision as a founding member. At present, our focus is to launch eBays management payment experience for our customers.

Stripe, the payment company, gave a similar explanation for its withdrawal. Stripe supports projects designed to make online commerce more accessible to people around the world, and Libra has this potential, the company said. We will closely monitor its progress and be open to future cooperation with the Libra Monetary Association.

Mastercard and Merado Pago did not immediately respond to requests for comment. Dante Disparte, head of policy and communication at the Libra Monetary Association, thanked the companies for their continued support for the organizations mission.

We are focused on moving forward and continue to build a strong association of world leaders, social impact organizations and other stakeholders, he said. We look forward to holding the first formal meeting of the Libra Money Association in three days and announcing the initial members of the Libra Money Association.

The remaining members of the Libra Monetary Association are under increasing pressure from the government and regulators, who see the project as a threat to the existing financial system. Recently, two Democratic senators urged Visa, Mastercard and Triple to reconsider their relationship with Libra, saying that this could lead to tighter regulation of any payment processing company. (small)

Source: Responsible Editor of Netease Science and Technology Report: Wang Fengzhi_NT2541