--- title: "Facebook’s Cryptocurrency is Collapsing in Front of Our Eyes" description: "Facebook’s plans to establish Libra, its cryptocurrency, is on a collision course. After facing major backlash from governments around the world, many of the 28 original corporate backers have decided to jump ship. Last week, PayPal decided to withdraw from the Libra Association, the body that was meant to oversee Libra’s creation and rollout. And […]" date: "2019-10-12" modified: "2019-10-12" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/facebooks-cryptocurrency-collapsing" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "cryptocurrency" - "facebook" - "libra" - "the digest" --- # Facebook’s Cryptocurrency is Collapsing in Front of Our Eyes ![PayPal left Facebook's cryptocurrency project last week. Visa, MasterCard, Stripe, and eBay have decided to abandon the crumbling project as well.]() *\Image: Facebook/Victor Tangermann\* ## Crumbling Crypto Facebook's plans to establish Libra, [its cryptocurrency](), is falling apart in real time. After facing major backlash from governments around the world, many of the 28 original corporate backers jumped ship. Partners were meant to help Facebook build a powerful network and help spread Libra around the world. But last week, PayPal [withdraw from]() the Libra Association, the body that was meant to oversee Libra's creation and rollout. And today Visa, MasterCard, Stripe, and eBay [abandoned]() the crumbling project as well. ## Rough Road Facebook's plans for its cryptocurrency drew criticism and scrutiny from regulators. Their reasoning: a technology platform with two billion users could end up undermining and threatening local economies by privatizing financial interactions. Facebook's own image had already been tarnished significantly in light of an ongoing [antitrust probe]() by the U.S. Justice Department. Presidential candidate Elizabeth Warren also joined the fray by [announcing plans]() to break up tech megacorporations including Facebook. Europe is fuming as well: Facebook and the Libra Association are [facing a grilling]() by European Union regulators. ## Tarnished Reputation Could Libra be Facebook's downfall, as some experts [have predicted]()? It's too early to tell. Nonetheless, the Libra Association is moving ahead. "We look forward to the inaugural Libra Association Council meeting in just 3 days and announcing the initial members of the Libra Association," Libra Association policy chief Dante Disparte [told *The Verge*](). **READ MORE:** [Facebook’s Libra Association crumbling as Visa, Mastercard, Stripe, and eBay exit]() \[*The Verge*\] **More on the Libra:** *[French Gov Official Warns Facebook: Libra Is Not Welcome Here]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()