INSUBCONTINENT EXCLUSIVE:
Mastercard and Visa have become the latest backers to withdraw their support for the Facebook Libra cryptocurrency.The two payment giants
have both dropped their backing for Libra, which looked to offer a new way of paying friends, family and businesses.Facebook is set to
launch both Libra and its Calibra digital wallet next year, but has been tight-lipped on what form both offerings will actually take
It has said it won't launch Libra until all of the regulatory issues are addressed.The news comes shortly after PayPal also announced it
back in June, who were meant to assist with governing the project, which has come under fierce scrutiny from lawmakers around the
world.Facebook CEO Mark Zuckerberg is set to appear before the US house committee on financial services on October 23 to answer questions on
Libra.The Libra Association was set to announce its founder members later this week, but the project has now lost a significant number of
the initial 28 supporters.Mastercard and Visa's exit leaves Dutch firm PayU as the sole remaining payment provider announced at the launch
and technology, along with the open nature of this project ensures the Libra payment network will remain resilient."Via CityAM
