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.
On Friday, Visa and MasterCard announced their departures from the Libra project, as did e-commerce giant eBay and payments startup 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 U.S. and elsewhere.Facebook CEO Mark Zuckerberg will appear before Congress later this month to talk about the company's plans for Libra. Rep.
Litan said Facebook can still easily launch Libra in countries with no pushback, of which there are plenty. She also dismissed the idea that Facebook needs partner companies such as MasterCard or Visa in order to keep Libra afloat. In the U.S., the head of the House Financial Services Committee wants Facebook to suspend plans for a new currency until Congress and regulators are able to study it more closely.
That appears to be part of the reason Facebook created a nonprofit oversight association to govern Libra. It also created a subsidiary, Calibra, to work on the technology, separately from its main social media business. Facebook said people can keep their individual transactions from appearing on the blockchain by using Calibra's wallet app, though in that case, Calibra itself would have people's data.
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