Report: Facebook’s Libra falters as key partners waver

Silhouettes are seen beneath a sign of Libra, the cryptocurrency project launched by Facebook during a conference at marketing and communication school CREA in Geneva on September 26, 2019. (AFP)

SAN FRANCISCO — A new report says partners in Facebook’s cryptocurrency-based payments network, Libra, are wavering in their support amid a backlash from U.S. and European officials.

The Wall Street Journal reported Tuesday that Visa Inc., Mastercard Inc. and others that signed on to help build Libra are reconsidering their involvement. The newspaper cited people familiar with the matter who were granted anonymity.

Mastercard had no comment. Facebook and Visa did not immediately respond to messages seeking comment.

Facebook has faced regulatory pushback over Libra since unveiling it in June. The idea is to open online purchasing to millions of people who do not have access to bank accounts and reduce the cost of sending money across borders. But Facebook already faces scrutiny over its poor record on privacy.