Mastercard CEO, Ajay Banga has announced that his company has dumped Facebook’s proposed cryptocurrency, Libra. According to him, they made this move due to concerns over compliance, monetization and generally Facebook’s approach towards the project. Ajay also said Libra’s leaders failed to show commitment to adhering to laws surrounding knowing their clients, money laundering, and data management, and it was the last straw.
Banga then revealed that he was unhappy with the way Facebook pitched the idea of Libra as a decentralized network that is powered by several organizations making up the Libra Association.
His words, “It went from this altruistic idea into their own wallet. I’m like: this doesn’t sound right.”