Posted 2 years ago | by Ben Armstrong

In less than a week after PayPal withdraws from the Libra Association, more companies are joining the exit. Libra is Facebook's cryptocurrency project. The Libra project has been under scrutiny by world leaders.

CNBC is reporting that Ebay and Stripe made an announcement today that they will no longer be members of the Libra Association.

MasterCard announced they left Libra. Visa followed that news and said it was also that leaving Libra. Both companies had hinted at withdrawing from the Libra Association with concerns of increased federal scrutiny. Today, those hints became announcements.

The cryptocurrency Libra Project has been under steady scrutiny by world leaders since June when Facebook announced the project. The USA government has increased pressure on Mark Zuckerberg to appear in Washington DC to testify on the Libra Project. This week, it was announced that Zuckerberg will testify on October 23, 2019.

The European Union has also issued harsh criticism of Libra. Last week, the EU sent a more detailed and in depth questionnaire to the Libra Association.

Common concerns world leaders have expressed include security and privacy concerns for the 2.7 billion Facebook Users. The EU's questionnaire includes financial risks and money laundering.

 

About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g More Companies Back Out of LibraBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.