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Facebook’s ‘cryptocurrency’ Libra may be in more trouble than we thought

August 23, 2019

Facebook‘s ‘cryptocurrency’ Libra may be in even deeper trouble than we thought if a recent report is anything to go by.

According to the Financial Times, it seems that some of Facebook‘s early backers have been spooked by increasing regulatory scrutiny.

It’s being reported that at least three of Facebook‘s supporters have privately discussed ways in which to distance themselves from the project.

When it was first announced, the Libra Association – the independent body responsible for overseeing the ‘cryptocurrency’ – boasted 28 members, which included several heavyweights from the financial sector (Visa, Mastercard), and technology industry (Spotify, Uber), alongside Calibra (a Facebook subsidiary).

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