Visa and MasterCard abandon Facebook’s Libra cryptocurrency

Mastercard, Visa, eBay and payments firm Stripe have pulled out of Facebook’s embattled cryptocurrency project, Libra, Report informs citing the Russian media.

Visa and MasterCard said they intend to focus on other projects.

"The pressure had been intense (understatement), and I respect their decision to wait until there is regulatory clarity for Libra," David Marcus said.

The businessman also noted that it is currently difficult to talk about the fate of the cryptocurrency.

Visa said Friday that it would re-examine a potential membership in the Libra Association if and when Facebook is able "to fully satisfy all requisite regulatory expectations" in its development of Libra — a sign that the regulatory and political hurdles Libra is facing were becoming too much to bear.