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Libra Association is Actually Falling Apart

Libra’s White Paper is bringing more and more wrath to itself. Following PayPal’s departure from Libra Association, other members are reportedly stepping down from the project as well.

Previously, PayPal has stated its position on the project further by not attending a Libra Association meeting. At the same time, Visa and Mastercard also stated that they were reevaluating their membership on the project.

Now, both Visa and Mastercard are officially stepping down from the Libra Association. In addition, other members including eBay and Stripe also stated that they will no longer join the association.

A report by the Financial Times stated that the companies stepped down due to political pressure. And will instead focus on their own companies.

A Mastercard spokesperson said in a statement:

“Mastercard has decided it will not become a member of the Libra Association at this time. We remain focused on our strategy and our own significant efforts to enable financial inclusion around the world. We believe there are potential benefits in such initiatives and will continue to monitor the Libra effort.”

In a report by CoinDesk, a Visa spokesperson stated to the news outlet that it has decided not to join Libra Association. Adding that, “Visa’s continued interest in Libra stems from our belief that well-regulated blockchain-based networks could extend the value of secure digital payments to a greater number of people and places, particularly in emerging and developing markets.”

Libra Association meeting still on schedule

Meanwhile, Libra will reportedly continue to hold its first official meeting this week. The remaining 23 members of the association are to sign the group’s charter.

Facebook announced Libra project for the first time last June. It aims to provide banking services to more than 1 billion individuals who don’t have any access to online financial service.

The plan, however, triggered an immediate backlash from administrations and legislatures around the world. The German and French governments vowed to block the project. While U.S. Congressman Maxine Waters called for the development to be put on hold until regulatory hurdles in the project are cleared.

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