Major Libra Backers Are Second-Guessing Their Participation in the Project

Major Libra supporters Visa and Mastercard are re-thinking their cooperation in the Facebook-driven cryptocurrency venture, the Wall Street Journal revealed on October 1.

Against a worldwide regulatory blasting of the proposed digital currency, the financial services pair and different anonymous organizations are recoiling from Facebook’s call for a united initiative. The Journal states that few want to support the undertaking publicly—leaving Facebook to defend Libra without anyone else’s input.

Libra has been a favorite target of international financial regulators since its declaration in June. European Central Bank members said it could destabilize the euro; China’s cryptocurrency czar called it probably “unstoppable;” and U.S. Congressional Representatives have called for an inside and outright stop on its advancement.

Presently, members of the Libra Association will meet on Thursday in Washington, D.C. It was not quickly clear what the gathering will be about; the members are booked to examine Libra’s charter in mid-October.

David Marcus, the Facebook blockchain lead who co-developed Libra, took to Twitter soon after to defend the crypto venture.