Visa, Mastercard, Stripe, and eBay Quit Facebook's Crytocurrency, Libra

[Tsing]

Facebook's cryptocurrency plans appear to be crumbling. Just ahead of its first official meeting, four major payment processors have exited the Libra Association: Stripe, Visa, Mastercard, and Mercado Pago. eBay has quit as well, leaving Netherlands-based PayU as the only original supporter.

The Libra project has been met with skepticism or even outright hostility by regulators in the United States and overseas. The Libra Association has yet to clearly explain how it's going to comply with the broad range of regulations that govern financial networks. The project faces skepticism from policymakers who aren't sure Facebook can be trusted to handle peoples' money responsibly, regardless of how the network is designed.

 

[Amorius]

Facebook can't be trusted with our personal information, I don't blame those entities from not trusting Facebook either.

To qoute Danny Devito (Other People's Money), “I love money. I love money more than the things it can buy. There's only one thing I love more than money. You know what that is? Other people's money.” I could totally see someone at Facebook saying that exact quote.

 

[Brian_B]

WTF would you do with a Libra anyway?

 

[Zarathustra]

Lets hope this entire thing just dies and goes away.

 

[Nanobot]

Lets hope this entire thing just dies and goes away.

Social media companies? I'm down with that.