UPDATE (Oct. 11, 2019, 20:27 UTC):Mastercard and Visa have also confirmed they
will not be joining the Libra Association.

UPDATE (Oct. 11, 2019, 22:57 UTC):Payments platform?Mercado Pago confirmed to
CoinDesk that it, too, would ?suspend its participation? in the Libra


Mastercard, Visa, digital auction company eBay, payments firm Stripe and Mercado
Pago have all pulled out of the Facebook-led Libra Association.

The Financial Times reported Friday that eBay and Stripedropped out of the
cryptocurrency project
[https://www.ft.com/content/a3e952dc-ec5c-11e9-85f4-d00e5018f061], citing
political pressure, following PayPal, whichpulled its own support
[https://www.coindesk.com/paypal-withdraws-from-facebook-led-libra-crypto-project] of the project earlier this week. A Mastercard spokesperson confirmed to
CoinDesk that the company will be withdrawing as well.

In a statement, the Mastercard spokesperson said:

> ?Mastercard has decided it will not become a member of the Libra Association at
this time. We remain focused on our strategy and our own significant efforts to
enable financial inclusion around the world. We believe there are potential
benefits in such initiatives and will continue to monitor the Libra effort.?

Likewise, a Visa spokesperson told CoinDesk, ?Visa has decided not to join the
Libra Association at this time. We will continue to evaluate and our ultimate
decision will be determined by a number of factors, including the Association?s
ability to fully satisfy all requisite regulatory expectations. Visa?s continued
interest in Libra stems from our belief that well-regulated blockchain-based
networks could extend the value of secure digital payments to a greater number
of people and places, particularly in emerging and developing markets.?

An eBay spokesperson told the FT that while the company respects the Libra
Association?s vision, it was instead choosing to focus on releasing a ?managed
payments experience? for its customers.

A Stripe spokesperson confirmed their company?s withdrawal as well, saying
?Stripe is supportive of projects that aim to make online commerce more
accessible for people around the world. Libra has this potential. We will follow
its progress closely and remain open to working with the Libra Association at a
later stage.?

A spokesperson for Mercado Pago said the company will re-evaluate Libra after
there is ?greater clarity? around the project.

The Libra Association is scheduled to have its first official meeting next week,
where the remaining 23 members?? which include both Facebook and its subsidiary
Calibra?? are supposed to sign the group?s charter. A Facebook spokesperson
confirmed Friday that the meeting is still taking place as planned.

While the original 28 members of the Libra Association were revealed with the
cryptocurrency project?s initial announcement, the membersonly signed
non-binding letters of intent
[https://www.coindesk.com/facebook-libra-backers-are-not-official-partners-yet-says-visa-ceo] .

Non-profits Kiva and Mercy Corps, venture firm Andreessen Horowitz (a16z),
crypto custodian Anchorage and wallet provider Xapo all confirmed to CoinDesk
Friday their intent to stay in the Libra Association.

Regulatory pushback
Facebook unveiled its vision for Libra in June 2019, announcing an ambitious
project aimed at providing banking services to more than 1 billion individuals
who currently lack access.

However, the project saw immediate pushback from lawmakers worldwide,with German
[https://www.coindesk.com/germany-passes-national-policy-to-explore-blockchain-but-limit-stablecoins] andFrench officials
[https://www.coindesk.com/france-says-it-will-block-facebook-libra-in-europe-report] vowing to block its launch and U.S. Representative Maxine Waterscalling for a
[https://www.coindesk.com/rep-maxine-waters-says-us-cant-let-facebooks-libra-compete-with-the-dollar] on development until the project?s regulatory hurdles are cleared.

Most recently, U.S. Senators Brian Schatz and Sherrod Brownwrote identical
[https://www.coindesk.com/us-lawmakers-call-on-payment-giants-to-exit-chilling-libra-project] to Stripe, Visa and Mastercard, warning of the ?chilling? effects Libra could
have on the global financial system and hinting that participation in the
project may result in increased regulatory scrutiny of their own businesses.

Facebook CEO Mark Zuckerberg isscheduled to testify
[https://www.coindesk.com/facebook-ceo-mark-zuckerberg-to-testify-before-congress-over-libra-cryptocurrency] before the House Financial Services Committee, which Rep. Waters chairs, later
this month.

Original Article: