Reportedly, Visa, Mastercard and other key financial partners are having second thoughts about Libra due to the US and European authorities negative feedback on the cryptocurrency. Libra’s key partners Visa and Mastercard are contemplating to abandon this project without making any investments. Regulatory authorities around the world took Mark Zuckerberg’s desire to conquer the cryptocurrency market half-heartedly. However, Facebook had a head start. Several large companies immediately became interested in the project and announced their eagerness to participate. Nevertheless, some of them took a back seat after the first serious hindrance. Considering Facebook’s resources, few expected that the new cryptocurrency would stand a chance. Overall, Libra poses a more serious threat to the centralized banking system than any other cryptocurrency. This is why many experts and politicians cast doubt on its reliability and real need in the market. Thus, the US Treasury Secretary Steven Mnuchin is concerned that Libra could be misused by money launderers and terrorist financiers. Donald Trump predicted “little standing or dependability” to the currency. G7 finance ministers warn that Facebook's Libra poses risks to global banking. Currently, Visa and Mastercard are redefining their decision to finance the project. However, PayPal and Uber are still willing to invest $10 million each in a consortium that will govern the coin.
