JPMorgan and Goldman Sachs, the significant Wall Street banks, have reportedly refused to engage in Facebook’s controversial project. As per a new report published by the Wall Street Journal, both banks decline any support to Libra or its Association following the fear of its adoption for criminal activities.
Libra’s launch is a constant enigma as the regulators’ concern over its potential to alter the existing financial management. The report further highlights the withdrawal of support from seven of the project’s partners, including Visa, MasterCard, Paypal, and more.
WSJ informs that JPMorgan and Goldman Sachs rejected invitations to join Libra due to a high potential possessed by it for the use in money laundering and violation of sanction laws. Also, it shed light on the scheduled launch of Libra in June 2020, stating that Facebook will likely rethink the release, following massive regulatory pressure and lack of support. Mark Zuckerberg is set to testify before the panel on October 23.