Mastercard and Visa Reconsider Libra as Regulatory Criticism Intensifies

 

On Tuesday, the Wall Street Journal reported that MasterCard Inc. (NYSE: MA) and Visa Inc. (NYSE: V) may reconsider its position in the Facebook Inc. cryptocurrency project among other financial partners. (NASDAQ: FB). Libra.

Advocates do not want to be criticized by regulators

Magazine reports indicate that financial recipients of the crypto-currency project do not want to criticize regulators. Libra has been criticized by the legislature for Facebook’s reputation for processing personal information. Many reject Facebook’s request to openly support Libra.

In an interview with CNBC, Visa CEO Alfred Kelly stated that even though they had signed an agreement with the Libra Association, they were still not members of anything. He added that the company was not part of the association if there was no proof of compliance.

Libra has two dozen followers, and reports indicate that Libra Association facilitators gathered for the Washington meeting. Last week, the head of the association announced that the project manager had committed to addressing regulatory issues related to the label. According to Bloomberg, Stripe Inc. and PayPal Holdings Inc. (NASDAQ: PYPL), they are not sure whether they should sign the project.

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Facebook delayed the launch of Libra

Last week, Reuters announced that the launch of the medal could be pushed back to help Facebook tackle the increasing regulatory problems around the world. Facebook has planned to release a stable Bitcoin in the middle of the year by working with members of the Libra Association. The leaders of the Libra Association will meet in Geneva on October 14 to review the association’s constitution and appoint a director.

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The cryptocurrency project is seen as a way for mass introduction of virtual currencies. However, this project has received political criticism and regulations from several EU countries such as Germany and France and has promised to stay out of Europe. Last month, French finance and finance minister Bruno Le Mair said that under current conditions Libra was a threat to monetary sovereignty and should not operate in Europe.

 

 

Featured image: DepositPhotos © Stockcrafter

 

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