Visa and Mastercard Inc to reconsider backing Facebook’s Libra

Visa and Mastercard Inc to reconsider backing Facebook’s Libra

Visa (V.N), Mastercard Inc (MA.N), and other key financial partners may reconsider their involvement in Facebook Inc’s (FB.O) Libra.

Initially, the financial backers to the cryptocurrency did not want to attract regulatory scrutiny and declined Facebook’s request to publicly support the project.

Policy executives from the Libra Association consisting of the cryptocurrency’s 24 backers have been summoned to a meeting in Washington, D.C. on Thursday.

The Libra Association, set up by Facebook, has been tasked to manage the U.S. tech giant’s plans to launch the digital currency in June 2020.

However, attempts to drag cryptocurrencies into the mainstream have since been met with skepticism globally, with France and Germany pledging to block Libra from operating in Europe.