Friday December 6, 2019

Big departures can liberate Libra to start again

Facebook should go back to the drawing board and start thinking of smaller projects tailor-made to specific countries’ needs

16th October, 2019
PayPal, Stripe, eBay, MasterCard and Visa have decided not to join the Libra Association. Photo: Chesnot/Getty Images

It’s clear why PayPal, Stripe, eBay, MasterCard and Visa have decided not to join the Libra Association, which Facebook has been organising to run the proposed digital currency. They took seriously the recent warning of Senators Brian Schatz of Hawaii and Sherrod Brown of Ohio that because of their membership, they could “expect a high level of scrutiny from regulators not only on Libra-related payment activities, but on all payment activities”.

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