Facebook's Libra crypto backers step back amid regulatory pressure
Multi-national regulatory pushback against Facebook's effort to create a cryptocurrency payment network is slowing the project and causing supporters such as Visa and Mastercard to back away, according to sources familiar with the situation and a published report.
Along with the initial announcement of its Libra digital currency and Calibra online digital wallet to store it, Facebook earlier this year released the names of 27 founding companies who signed on to become part of the non-profit Libra Association. The association was formed to help construct and manage the blockchain-based payment network.