Nearly every payment company that initially agreed to join Facebook's cryptocurrency Libra may have thwarted the social network's plan for a global digital currency.
Visa and Mastercard announced Friday that they would no longer participate in the Libra Association and the Latin American payment system Mercado Pago announced it would also retreat. Several other big companies have announced their departure from Libra.
The payment processing company Stripe said they would resign, as did the online auction company eBay.
PayPal was the first of Libra's big partners to have announced that it will no longer be involved.
The disposals take place as Facebook is facing increased international control of the currency through legislation. Politicians on both sides of the spectrum have questioned the privacy issues posed by Facebook's control of a currency, as well as concerns about money laundering.
On Wednesday, the Bank of England said Facebook must meet the highest standards of the Central Bank to launch in the UK. In July, members of the US Senate Banking Committee worried Facebook executives for hours about the proposed currency and questioned the privacy and security issues surrounding an international currency of the social media giant.
As the Libra's backbone slowly collapses, Facebook's Facebook CEO Mark Zuckerberg will testify before Congress on October 23.
More details coming soon …