MasterCard, Visa, eBay, Mercado Pago, and Stripe have pulled out of the Libra Association. The news comes barely a week after PayPal announced that it would forgo participation. The Libra panel was initially made up of 28 companies, each set to control a network node.
Increased regulatory scrutiny has dogged the Libra project since its inception and so the future of the project seems bleak at the moment. U.S. regulators, in particular, fear that Facebook will become too powerful if allowed to handle user funds across the world. There is also trepidation among major economies such as India which are looking to ban cryptocurrencies altogether. At the heart of Libra woes lie major data privacy concerns.