VanEck director Gabor Gurbacs has said every firm moving out of Libra association has been coerced to abstain.

Gurbacs, with his growing concern for Facebook, said the capital markets are not free, an indication that it is uneasy for anyone to bring out worthwhile idea without been compelled to stiff regulatory procedures.

On Twitter, he said: “Every company that is leaving #Libra is likely, in some ways, forced to do that. It’s unfortunate and I am sorry that capital markets aren’t free.”

> Every company that is leaving #Libra is likely, in some ways, forced to do that. It’s unfortunate and I am sorry that capital markets aren’t free. > Now you have a first hand understanding why censorship-resistance is important! > Welcome to #Bitcoin!https://t.co/xyiWMHJHuz — Gabor Gurbacs (@gaborgurbacs) October 11, 2019

Calling for an immediate resistance to unnecessarily rigid regulatory procedures, Gurbacs said: “Now you have a first-hand understanding why censorship-resistance is important!”

eBay and Visa Drop out of Libra Association

eBay and Visa joined the leagues of payment firms dissociating themselves from Facebook’s proposed digital currency Libra.

The departure comes almost a week after PayPal willingly left the association. It is clear that almost every payment firm that accepted to join Facebook in its grown desire to launch a global cryptocurrency, has shown disinterest in the innovation.

Visa and Mastercard’s announcement was followed by that of the Latin American fintech Mercado Pago, declaring a final exit.

Big backers of the Libra cryptocurrency like Mastercard Inc., Visa Inc., eBay Inc., Stripe Inc., and Mercado Pago surprised the payment community when they announced their final and remorseless exit from Facebook’s Libra association.

Who Coerced eBay, Visa, and PayPal?

Payment platforms like PayPal, Visa, Mastercard, eBay, and others were coerced to leave the Libra association due to political pressures, reports The Financial Times.

However, Bloomberg puts the departure on stern warnings from lawmakers and regulators across the globe.

To stay balanced, Stripe payment firm, who is also out of the association, assured the world of its focus on anything that will better online commerce but promised to support Libra in the future, CNBC has reported.

Visa was Clear

Visa was clear on its decision to drop support for Libra. The payment company “will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations.”

The revelation from Visa showed that the payment companies are interested in blockchain, but want a “well-regulated blockchain-based networks”, the kind that Libra is pushing for.

At the moment, the Libra’s Network of partners is reducing weekly, with big backers shrinking away due to alleged order from regulators.

Image Credit: Libra.

In June when Facebook declared plans to unveil Libra cryptocurrency, big payment companies across the world rallied around the social media giant. Afterward, Facebook was faced with lots of criticism from lawmakers and regulators.

In fact, some Central banks and governments vowed to make the Launch of Libra impossible forever.

Meanwhile, Facebook’s Libra aims to launch in 2020, but the CEO of Ripple Brad Garlinghouse has said it is impossible for Libra to launch in the next three years due to the way the management presented the global currency.

To Garlinghouse, Libra is being introduced by Facebook at a time it is battling trust issues with users and governments across the globe.