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Visa and Mastercard stand against Facebook’s Libra

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Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

Ever since the announcement of its launch, Libra has faced a series of bad news coming its way and this streak continues as more bad news comes their way. The companies involved in backing up the project are having second thoughts about their involvement in the project.

Ever since the announcement of its launch, Libra has faced a series of bad news coming its way and this streak continues as more bad news comes their way. The companies involved in backing up the project are having second thoughts about their involvement in the project.

David Marcus, head of Libra, stated that the report suggests apprehension as Visa and Mastercard have informed that they won’t be supporting the project publically. On the other hand, PayPal and Stripe Inc. are also second-guessing their membership with the project. The reason behind this sudden shift in thoughts is the regulatory scrutiny that Libra is facing from the past few months.

Is Libra rolling out soon?

The way different governments and central banks have opposed the plan; it looks like the answer will be ‘no’ to the question as mentioned above. On the other hand, the company is still positive about its June 2020 launch deadline, and they will work hard to clear the regulations.

Both Bitcoin and Facebook’s stock prices saw a surge when the initial announcement was made. Bitcoin witnessed a bull market as well, but the price for both the assets has come back to earlier levels.

Marcus informed that official statements regarding the members would be made in a few weeks as many backers have been questioning their association with the project because of the regulators and issues faced by Libra.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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