Visa, Mastercard, PayPal and Stripe, which in the past have shown their willingness to support Facebook's crypto project, are not so sure whether they should give it their official support, Bloomberg reports.
The four companies, which are key players in the global online payments industry, are hesitating to support Facebook's crypto project because they want to have a good relationship with regulators, which do not feel attracted by the idea of Facebook launching its own stablecoin due to the consequences it might have on global financial stability.
Not receiving support from these key players in the online payments industry could become a major obstacle to the social network, since convincing users to replace their national currencies with Libra will become a very difficult task.
The heads of these companies are concerned about how Facebook manages the private date of its users.
Facebook announced its crypto project on June 18, and said that the goal of its stablecoin is to offer consumers a new way to move money. However, the reaction of regulators was almost immediate, as they fear the project might have negative consequences on global financial stability.
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