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Mastercard, Visa, eBay and Stripe follow PayPal’s suit and leave Facebook’s Libra

October 14, 2019

The Financial Times and Bloomberg reported the decisions by five heavy-weight backers to pull out of the project, which now leaves Libra with no major US payment processor following PayPal’s drop out too earlier last week.

On Wednesday last week, two Democratic senators urged Visa, Mastercard, and Stripe in a letter to reconsider their involvement with Libra, warning it may have significant regulatory repercussions for any payment processors involved. Reasons for the pressure came down to risks associated with the project such as facilitating criminal and terrorist financing and destabilising the global financial system.

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