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Following the departure of PayPal, Mastercard, Visa and eBay leave LIBRA as lawmakers step up their taunts

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Facebook is renowned for the website which has millions of users scattered all across the globe. Not too long ago, PayPal revealed that they’ll no longer serve as a Founding Father for LIBRA. In the aftermath of PayPal’s exit, Stripe, Visa, and Mastercard all decided to flee from a situation which has garnered negative attention from around the world.

Almost every single nation [even Germany and France which houses pro-crypto lawmakers] has denounced this venture. Privatization of money is something we’d all like to avoid, after all, no one should have so much power at their disposal. Take a look at David Marcus’s reaction on Twitter:

It’s pretty obvious why so many firms have begun to step out of the LIBRA Association. They’re afraid of a worldwide political backlash. Mark isn’t, which is brave and stupid at the same time. In spite of LIBRA being marketed as a cryptocurrency, the whitepaper clearly enunciates the centralized approach undertaken by Facebook which goes against the key principles set by Satoshi Nakamoto [the creator of Bitcoin].

Imagine a currency established by a massive organization, with the help of a dozen or more corporations. It can be manipulated and controlled by the ones in-charge at any point in time. Would you really be able to have faith in such a dubious project? In my opinion, Mark needs to revisit the idea behind Libra and alter it depending on the present demand in the market.

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