Briefing

Ebay, Stripe and Mastercard abandon plans to join Facebook’s digital currency

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The first two firms said they respect what Facebook is doing with Libra, but will not be part of the project. Mastercard has yet to confirm its exit. The Libra Association, a Geneva-based non-profit set up to govern the currency, said it will nonetheless move forward. The group is scheduled to meet on Monday to nominate board members. (Financial Times, Bloomberg, CNBC)

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Talking point: The three firms follow PayPal in backing out of what was meant to be an association of 28 founding members. Libra has faced pressure from regulators and politicians, some of whom have called for Facebook to halt the project, citing money laundering and privacy concerns. Earlier this week, the U.S. Congress called Facebook CEO Mark Zuckerberg to testify about his plans for Libra. The U.S. Treasury Department has reportedly asked Mastercard, Stripe and PayPal—along with Visa—how they will adapt their anti-money-laundering systems for Libra. David Marcus, head of Facebook’s digital-currency division Calibra, tweeted last week that the social media firm was sharing detailed information with partners about how the association would prevent illegal activity using the coin.