FACEBOOK_ Facebook’s Libra currency battered by defections, pushback

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Facebook’s Libra currency battered by defections, pushback

Mark Zuckerberg will testify before US Congress over his Libra global cryptocurrency as skepticism mounts and high-profile financial partners defect.

AP
News Corp Australia Network
October 13, 20196:43am



Mark Zuckerberg, founder of Facebook Inc., will face US Congress this month to explain his cryptocurrency platform, Libra. Picture: Andrew Harrer/BloombergSource:Bloomberg


Facebook faces a rough road ahead with Libra, but defections by high-profile partners are still unlikely to spell the end for the digital currency.

Visa and MasterCard have announced their departures from the Libra project, as have e-commerce giant eBay and payments start-up Stripe.

Last week, PayPal became the first major company to drop out of Libra.

The exodus comes amid growing — not to mention stronger-than-anticipated — regulatory pushback against Libra in the US and elsewhere.

“It’s a big setback for them but it’s not the end,” said Gartner analyst Avivah Litan.

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READ MORE: https://www.news.com.au/technology/facebook/facebooks-libra-currency-battered-by-defections-pushback/news-story/72f2f059b99101812c04ef6a3e27d41a


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