Are Financial Partners Backing Out of Facebook Libra’s Consortium? - Forex News by FX Leaders
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Are Financial Partners Backing Out of Facebook Libra’s Consortium?

Posted Wednesday, October 2, 2019 by
Arslan Butt • 1 min read

According to a recent report on the Wall Street Journal, Visa, Mastercard and other leading financial partners are considering backing out of their association with Facebook Libra over rising regulatory concerns. Some financial backers that were to become part of the consortium Libra Association to oversee Facebook’s digital currency are wary of coming under the scanner of regulatory authorities as a result of their support to Facebook’s ambitious payments solution.

This comes on the back of executives from the consortium members being summoned to a meeting in Washington, DC on Thursday. Other leading partners that are unsure of continuing their association with Facebook Libra include Bloomberg, PayPal and Stripe.

Earlier this week, we revealed how Facebook is considering delaying its launch of Libra beyond June 2020 as it tries to allay all concerns raised by regulatory authorities, central banks and governments worldwide. Facebook had announced the launch of its cryptocurrency Libra earlier this year to allow its users to send and receive payments globally on its social networking platform and on WhatsApp.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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