More companies shy away from Facebook's Libra coin

SAN FRANCISCO: Facebook’s digital currency alliance lost more companies on Friday amid heavy criticism from regulators around the world on the planned Libra global cryptocurrency.

“We remain focused on our strategy and our own significant efforts to enable financial inclusion around the world. “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 said.

“Stripe is supportive of projects that aim to make online commerce more accessible for people around the world,” Stripe said. “Libra has this potential.”Libra Association confirmed that the companies would no longer be founding members but said that it would continue building an alliance of businesses, social-good organisations, and others to implement the cryptocurrency.

“We are focused on moving forward … to achieve a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people.” Last week, digital payments firm PayPal said it was quitting the alliance of companies and organisations promoting Libra.

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