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WSJ: Visa and Mastercard reconsider participation in Libra due to negative attitude of politicians

WSJ: Visa and Mastercard reconsider participation in Libra due to negative attitude of politicians

Major payment operators Visa and Mastercard, as well as other participants in the Libra project, decided to review their participation format after numerous negative reviews from politicians.

In recent months, Facebook’s project to create a corporate cryptocurrency Libra has attracted massive criticism from high-ranking European and American officials. The French Finance Minister and the German government have called for a ban on Libra and similar projects in the European Union. In the US, the final decision on Libra has not yet been made and congressional hearings are taking place, but the overall background remains negative for the project, although regulators insist only on compliance with current legislation.

Not wanting to come into conflict with regulators, key Libra participants and investors, including Mastercard and Visa, decided to review the extent of their participation in the project in the direction of restrictions. Specific conditions have not yet been named, but public support for Libra from the majority of participants seems to be curtailed.

Facebook itself has not reported on the adjustment of Libra development plans due to political opposition in Europe, but it may prohibit the circulation of the token in countries where restrictions will be imposed. However, the Euro will become the second largest currency in the security portfolio for Libra.