Altcoin News: Visa and Mastercard to Reconsider Participation in Libra

October 2, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The largest payment operators Visa and Mastercard, as well as other Libra project backers, decided to reconsider their participation format after numerous negative reviews from politicians.

In recent months, the Facebook project for creating the corporate cryptocurrency Libra has caused massive criticism from high-ranking European and American officials. The French finance minister and the German government called for a ban on Libra and similar projects in the EU.

In the United States, a final decision on Libra has not yet been made and hearings are being held in Congress, but the general background remains negative for the project, although regulators insist only in compliance with applicable laws.

Not wanting to conflict with regulators, key Libra participants and investors, including Mastercard and Visa, decided to reconsider their degree of participation in the project towards limitation. Specific conditions have not yet been named, but the public support for Libra by most participants seems to be curtailed.

Facebook itself did not report on the adjustment of Libra development plans in connection with the political opposition in Europe but may prohibit the token circulation in countries where restrictions will be introduced. However, the euro will become the second-largest share of the currency in the collateral portfolio for Libra.

Author: Marko Vidrih