Amid continued scrutiny from global governments and finance experts, Facebook's partners under the Calibra Project are reportedly starting to lose their faith in the much-contested Libra cryptocurrency.
According to a new report by the Wall Street Journal on Tuesday, some of the partners that initially signed up in full support of the Libra cryptocurrency are now considering whether they should retain involvement in the Calibra Project or not.
Sources with knowledge of the matter but who spoke on condition of anonymity said one of the partners that has started to waver is Visa Inc. The banking giant has yet to officially comment on the report.
Another partner, Mastercard, refused to provide a statement on the issue, while analysts are waiting for Facebook to have a say on the matter. The social media behemoth previously said plans to launch the Libra cryptocurrency will be pushed back.
Among the other partners that have yet to provide statements on the latest drama surrounding the cryptocurrency are Lyft, eBay, PayPal, Uber, Spotify, Vodafone, Coinbase, and more.
Global regulators have been rejecting the idea of introducing the Libra cryptocurrency to online sellers and consumers. The Calibra Project was unveiled in June but since then, multiple governments called for its collapse.
If the online currency is approved, it will allow millions of people who don't have bank accounts to make payments or purchases through Facebook and by using the Libra cryptocurrency.
Regulators have questioned the privacy policies of the Calibra Project and how the new cryptocurrency system could ensure that the private information of users will be protected.
CNET reported that Chair of the U.S. House Financial Services Committee, Rep. Maxine Waters, said one of the reasons why regulators and government officials are worried about the Calibra Project is mainly due to Facebook's repeated "disregard" of proper data use and protection.
It was also recently reported that India is mulling the possibilities of banning transactions using the cryptocurrency if ever Libra is approved. The Indian government has yet to confirm the reports.
Meanwhile, the Calibra Project has further been put into the uncertain ground after the emergence of an audio wherein Facebook CEO Mark Zuckerberg can be heard discussing plans for a financial service.
In the leaked audio, Zuckerberg reportedly revealed plans to launch a payment service by the end of 2019. He said tests already kicked off in India while other tests will take place in Mexico.
According to Quartz, Facebook spokesperson Josh Gunter clarified that Libra has yet to be tested in Mexico and India. Despite the clarification, some industry experts questioned whether Libra is involved in the payment service that the social media network is planning to launch soon.
