Facebook Libra cryptocurrency has remained on the drawing board sine the social media company announced it months back with the support of major dealers in money business like Mastercard and Visa as well.
The Facebook Libra has received heavy scrutiny from cryptocurrency regulators, financial institutions and government officials from around the world, while those that already pledged their support have been quiet.
A report from the Wall Street Journal shows that officials from undisclosed partner organizations have refused to support the Facebook Libra in the open, notwithstanding pressure from Facebook for them to do so. Based on other undisclosed sources, Mastercard, Visa and other financial dealers that pledged their support may no longer support it.
All of these are playing out as members of the Libra Association are warming-up for a meeting in Washington D.C. on Thursday. So lets wait and see if they will get more support or fall apart completely.
Most people have feared that allowing the Facebook Libra cryptocurrency would allow Facebook too much power to control, mostly when users report of abuse of power like disallowing a blocked url on Facebook to show on Whatsapp and Instagram — both companies are independent regardless of who own them.
Nevertheless, we await the meeting result in Washington D.C. on Thursday.