Regulatory Pressure Blamed As Payments Firms Quit Libra

The head of Facebook’s controversial cryptocurrency project has said “intense” regulatory pressure prompted Visa and Mastercard to withdraw from the Libra Association, on the eve of its inaugural meeting in Geneva.

Libra chief David Marcus issued a statement via Twitter late on Friday thanking the two card networks “for sticking it out until the eleventh hour”.

“The pressure has been intense (understatement), and I respect their decision to wait until there’s regulatory clarity for Libra to proceed, vs. the invoked threats (by many) on their biz,” he wrote.

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