Posted 3 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.