MasterCard CEO explains why his company left Libra

[mlawson71]

MasterCard CEO Ajay Banga gave an interview recently and he revealed why his company left Facebook’s cryptocurrency project Libra which is supposed to be launched later in 2020. According to Mr. Banga’s words, the reasons are compliance, data management, and regulatory constraints.

The MasterCard CEO also said that key members of the Libra Association also failed to assure him that business would be conducted in full accordance with the local law.

To remind you, MasterCard left the Libra project last October, together with a number of other major companies like Visa, PayPal and eBay in the midst of mounting pressure from central banks and state governments concerned that cryptocurrencies, Libra included, pose a major risk to the global financial system.

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I can't say I am surprised by that decision, but I am quite curious now whether Libra will launch at all.