Libra backers want out of Facebook's project - report

Friday, 23. August 2019 07:20

A number of early backers of Facebook's cryptocurrency Libra that are part of the Libra Association are thinking of not investing in the venture after all, FT reported on Friday.

Compliance and regulatory scrutiny are believed to be the main reason behind the decision. Furthermore, some backers think Facebook should have presented regulatory challenges and discussed them with the supporters before forming the Libra Association. Earlier this month, data protection watchdogs from the United States, the United Kingdom, the European Union, and several other countries said Libra's information security needs to be addressed. Authorities are also worried the digital currency could lead to tax evasion and money laundering.

Members of the Libra Association include Mastercard, PayPal, Uber, Booking.com, Strip and MercodoLibre.

Related Links: Facebook Inc.
Author:
Breaking the News / VP