Gold Goes Digital, While Facebook Loses Backing

Video length: 00:19:30

Ebay (EBAY), Stripe, Mastercard (MA) and Visa (V) are all dropping out of Facebook’s Libra (LIBRA) cryptocurrency project, the companies announced Friday. The news comes one week after PayPal (PYPL) announced its withdrawal as government regulators continue to scrutinize the plans.

Facebook (FB) has tried to mitigate lawmakers’ fears of Libra in part by assuring them that Facebook would not have unilateral control of the currency.

This should be no surprise, as history has shown, the government does not like competition.

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