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.