The consumer advocacy organizations have sent a letter to the members of the Libra Association (28 companies) asking them to leave Facebook's cryptocurrency project. The open letter was published by the organizations in July 2019.
According to the letter, four organizations pen Markets Institute, Public Citizen, Demand Progress Education Fund and Revolving Door Project stated the members of the Association (Visa, MasterCard, PayPal, Uber) should not support the project as it can entail "significant competitive, political, financial, and social implications."
"We call upon you as respected members of the business, financial, technology, and civil society communities to collectively withdraw from the Libra project," the letter reads.
The advocates believe that the project remains full of unclear aspects.
"We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation, and not intimidation by the powerful," the company summarized.
Besides, the G7 members also stated during the recent meeting in France that the Libra must face strong regulation,