Week after PayPal, Libra loses Visa, MasterCard, eBay and others

The Libra Council will hold its first official meeting on October 14 in Geneva. During the meeting we will get to see the members make specific commitments to take the currency forward.

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As of now, the Libra Association members are facing a lot of pressure from governments and regulators, many of whom find the project threatening to the existing financial system.

I would caution against reading the fate of Libra into this update. Of course, it’s not great news in the short term, but in a way it’s liberating. Stay tuned for more very soon. Change of this magnitude is hard. You know you’re on to something when so much pressure builds up.

— David Marcus (@davidmarcus) October 11, 2019

Libra chief David Marcus in a tweet thanked Visa and Mastercard “for sticking it out until the 11th hour.” He also stated that both the companies are waiting to get regulatory clarity for Libra before joining back in.

Marcus also stated that the news was not “great in the short term,” but “liberating” to “know that you’re on to something when so much pressure builds up.”