INSUBCONTINENT EXCLUSIVE:
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Facebook had said it hoped to launch Libra in 2020
Mastercard,
Their move, first reported in the Financial Times, follows the withdrawal of PayPal, announced last week.It represents a huge blow to the
politicians, particularly in the US.Facebook chief executive Mark Zuckerberg will appear before the House Committee on Financial Services on
23 October to discuss Libra and its planned roll-out
Regulators have raised multiple concerns over Libra, including the risk it may be used for money laundering.Mercado Pago, a payments firm
serving mostly Latin America, also pulled out
It means of the six payments-related firms first involved in Libra, just one, PayU, remains
Netherlands-based PayU did not respond to the TheIndianSubcontinent's request for comment on Friday.In a statement released on Friday,
supported the aim of making global payments easier
"Libra has this potential
"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."The Libra Association, set up by Facebook to manage the project, said of the departing
companies: "We appreciate their support for the goals and mission of the Libra project
"Although the makeup of the Association members may grow and change over time, the design principle of Libra's governance and technology,
along with the open nature of this project ensures the Libra payment network will remain resilient
"We look forward to the inaugural Libra Association Council meeting in just 3 days and announcing the initial members of the Libra
against reading the fate of Libra into this update," wrote David Marcus, who before joining Facebook was PayPal's president."Of course,
it's not great news in the short term, but in a way it's liberating
Stay tuned for more very soon
Change of this magnitude is hard
You know you're on to something when so much pressure builds up."Last week, PayPal said it would no longer be part of the Libra Association,
but did not rule out working on the project in future - prompting a strong reaction from the Association."Commitment to that mission is more
important to us than anything else," it said in a statement
"We're better off knowing about this lack of commitment now."_____Follow Dave Lee on Twitter @DaveLeeTheIndianSubcontinentDo you have more
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