Report: Some Libra Backers Wavering on Signing Association Charter

 

 

 

 

The Libra Association has asked its 28 members to formalize their involvement with Facebook’s Libra project by signing on to a charter later this month, according to a Bloomberg report that cited “people familiar with the matter.” Those sources told Bloomberg that four of those early project backers appear to be undecided about whether to formally sign the organizing charter.

The four companies said to be wavering on a formal commitment include payment processors Mastercard, PayPal, Stripe, and Visa. The sources reportedly said that those firms are worried about how their formal support for the project might impact their relationships with government regulators around the world. They apparently have other questions as well:

Executives at the payments companies believe Facebook oversold the extent to which regulators were comfortable with the project and are concerned about the perception the social network hasn’t behaved responsibly in other areas -- such as how it has handled user data and privacy, the people said.

Bloomberg’s sources suggested that the plan is to have founding members of the Libra Association sign an organizing charter as early as October 14, in Switzerland.

A Strips spokesperson responded by claiming. “Nothing has changed with our involvement with Libra since we came on to participate.” The company says that it is continuing to collaborate on development of the charter, but the spokesperson would not confirm or deny claims that Stripe is wavering about signing on to the final document.

Mastercard, PayPal, Visa, and Libra Association spokespersons reportedly declined to comment on the matter.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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