Visa, Mastercard Inc may reconsider their involvement in Facebook’s Libra

Visa, Mastercard Inc and other key financial partners may reconsider their involvement in Facebook Inc’s cryptocurrency, Libra, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

The financial backers to Libra did not want to attract regulatory scrutiny and declined Facebook’s requests to publicly support the project, according to the Journal report, reports Reuters.

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Policy executives from Libra Association, the cryptocurrency’s two dozen backers, have been summoned to a meeting in Washington, D.C., on Thursday, the WSJ reported.

Libra

Separately, Bloomberg reported that PayPal Holdings Inc and Stripe Inc are also undecided about formally signing onto Libra.

Facebook’s David Marcus, overseeing the company’s Libra plans, said in a tweet in response to the Journal report that he wasn’t aware of any specific companies’ plans to “not step up”.

“I can tell you that we’re very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront”, he added.

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