US officials push payment service giants for revision of Libra joining

Posted 09 October, 2019

The US Senators have sent a letter to the companies that provide payment services asking to revise their intentions to join the Libra Association.

In the letter sent to Visa, Mastercard and Stripe, two Senators  Sherrod Brown and Brian Schatz stated that the Libra project poses a heavy threat for both the financial system and payment segment. 

As a background, the officials used the reports about problems faced by the members of the Association when they attempted to get information about the management and risks of the project.

In particular, Brown and Schatz highlighted that it was hard for financial authorities, the government and possible members of the Libra to get detailed information about the risks of the project including terrorist financing, global financial destabilization, negative impact on the monetary policy.

As a result, two senators advice payment service providers study the issue and only then make a final decision. It was also highlighted that Facebook is yet to confirmed the Congress, regulatory authorities that they are serious about such risks.

The congressmen also cited numerous privacy problems in Facebook, misinforming, fraud activities that had not been taken under control. 
 
 The payment system PayPal reportedly changed its decision and refused to join the Libra Association.

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