Posted 2 years ago | by Bethany Armstrong

Facebook's cryptocurrency project, Libra, continues to growing scrutiny. As new concerns and objections are raised, Libra continues to indicate that they welcome the open and public dialogue.

PayPal Withdraws from Libra

Over the weekend, PayPal, one of the early Libra Association members, withdrew from the Libra Association. PayPal stated they may be interested in looking at other ways to work with the Libra Association.

This announcement was followed by hints of MasterCard and Visa potentially withdrawing as well. MasterCard and Visa have indicated concerns of regulated scrutiny.

EU Continues Criticism of Libra

The European Union has been very vocal with criticism of the Libra project. This week, the executive branch of the European Union sent a detailed questionnaire to the Libra Association. CNBC is reporting that the EU questionnaire "goes beyond" the antitrust concerns as indicated a few months ago and delves deeper into security concerns.

Specifically, the EU is raising questions about money laundering, data privacy risks and financial stability. The EU has also raised concerns about privacy issues for individuals who use Libra as Libra would have access to private and financial information.

Libra Members' Overlapping Relationships

One of the growing concerns of the Libra Association is the overlapping relationships between 15 of the 27 members. A Wired analysis indicates that with so many intertwined relationships, "The Libra Association creates “a façade of decentralization, so that no single company can be held responsible for the management of the Libra system." The Wired report continues by saying that overlap could increase the likelihood of collusion.

With so many concerns, it appears that Libra has a long road to go towards persuading adoption. Particularly, with focused adoption from world leaders and other businesses. Even with the scrutiny, Libra does not appear to be disinclined to delaying the 2020 release date.

About Bethany Armstrong

b2c67718c469e0461579dcf973d733f3?s=90&d=blank&r=g Facebook's Libra Association Faces More ScrutinyBethany Armstrong is a blogger from Atlanta, Georgia. She holds a Bachelors Degree in Mass Communication from Toccoa Falls College in Toccoa, Georgia.

Bethany is a mother of three and believes in the importance of reading. She has read over 3,000 books to her children and has worked with many publishing companies to create book reviews.

She is very interested in the community aspect of the cryptocurrency world.

You can follow her on Twitter at @momwildthings or visit her blog, MomOfWildThings.com.