Just as PayPal indicated it would reconsider itsFacebook's cryptocurrency service LibraFollowing the partnership, eBay, Stripe, Mastercard and Visa also announced earlier that they would withdraw from the cooperation.
Prior to this, Visa had emphasized its cooperation with Facebook on this service.Not binding in any wayThis time, industry players including Mastercard, eBay, and Stripe have expressed their stance, emphasizing that although they believe that Facebook's cryptocurrency service has development potential, they will focus on other development projects at this stage.
Perhaps it is because regulators including the United States are currently investigating the operating model of Facebook's cryptocurrency service Libra, and are also evaluating whether this service will affect the operation of existing legal currencies. In order to avoid being affected, they choose to temporarily cut ties with Facebook.
However, these industry players did not deny that Facebook's suggestion that cryptocurrency may bring development opportunities. It's just that as they are currently facing investigations from many regulatory agencies, they may keep their stance low-key to avoid being affected by the investigations.
Facebook CEO Mark Zuckerberg is expected to answer questions from the U.S. House of Representatives Financial Services Committee in late October and explain the details of the Libra service.
While some industry players have indicated they will temporarily withdraw from collaborating on Libra, Facebook still hopes to launch this cryptocurrency service in 2020 after successfully convincing regulators in the United States and gaining their trust. The independently operated Libra Association is expected to continue promoting it.
The first Libra Association meeting is currently scheduled to be held on October 10th, US time, at which time the first wave of formally joining the cooperative members will be announced.
