The US tech giant Facebook is facing hard times with its global currency Libra. According to Financial Times Mastercard, Visa and PayPal have decided to stop the co-operation with Libra due to the regulatory reasons.
The problem with the global currency Libra, planned to be launched next year, is regarding the governance issues related to privacy and money laundering questions. The global central banks have urged Facebook to comply with the regulatory framework in order to proceed with the currency.
Facebook founder Mark Zuckerberg is to attend the US House Commitee on Financial Services on 23 October regarding the governance.