Shocking news: Visa and Mastercard left Libra
The cryptocurrency market is under intense pressure. Another serious news appeared the other day. Visa and Mastercard officially announced the termination of cooperation on the Libra project. Alas, the idyll did not last long ...The news may undermine the prospects for cryptocurrency. In addition to the payment giants, PayPal, Stripe, and eBay also refused to cooperate. The reason for this behavior is the pressure from the US Senate.
United States lawmakers have officially warned Visa, Mastercard, and Stripe of the inadmissibility of any connection with Facebook cryptocurrency. Such regulatory pressure does not contribute to the effective promotion of cryptocurrencies. But why this happens is understandable!
Facebook threatens the traditional banking system. Libra can be a great alternative for non-bank cross-border payments. This fact very scares Donald Trump. The US president recently said that Facebook must be licensed if it wants to be a bank.
What will happen next?
The loss of such large market participants is a big blow to cryptocurrency. Their participation in the project gave it legal status. However, we do not think that Facebook will stop this. Too much effort and money were spent on launching Libra. Let's see what will happen next...
You may read another news about Libra in our site. Example, we wrote what Central bank of France counts that Facebook social media cryptocurrency must have a license.