Libra fast losing traction

Backers of Facebook’s Libra crypto asset project are said to be increasingly nervous as pressure mounts from regulators.

A report in the _Financial Times_, says 3 unnamed backers of the Libra Association are having second thoughts about the project. Regulators around the world have been vocal in their critiques of Libra, raising concerns over the power Facebook would have over a new global currency and the threat to global financial stability.

The European Commission is looking at investigating the Libra Association over antitrust issues. In the US, a range of regulators and lawmakers have critiqued the project. Last month Rep. Maxine Waters called for work on Libra to be halted until all relevant regulatory issues have been addressed. Last week, Waters, the chairwoman of the U.S. House Financial Services Committee, said that the committee will continue to scrutinize Libra.

The Libra Association is in talks with a large number of member firms who would pay up to $10 million to be part of the project. These include blue chip firms such as Visa, Mastercard, Paypal and Uber. Read More at BraveNewCoin...


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