Visa and Mastercard opt out of Facebook cryptocurrency development funding

The reason why Visa and Mastercard may refuse to invest in Libra cryptocurrency, presumably, was a sharp criticism of these Facebook plans by the US and European authorities.

G7 finance ministers said earlier that plans to launch this virtual currency could negatively impact the global currency system. US President Donald Trump predicted that Libra would be as unreliable and unstable as Bitcoin and all other cryptocurrencies.

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US Treasury Secretary Stephen Mnuchin also noted that the use of cryptocurrencies for criminal purposes is also a serious concern.

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