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Visa, Mastercard considers support for Facebook's Libra, the report states

Facebook announced its cryptocurrency, called Libra.

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Visa, Mastercard and other key financial partners can assess their involvement in Facebook's cryptocurrency, Libra, the Wall Street Journal reported Tuesday, citing people familiar with the matter.

The financial backers of Libra did not want to attract regulatory scrutiny and rejected Facebook's public support project requests, according to the Journal report.

Libra Association policy leaders, cryptocurrency's two dozen supporters, have been called to a meeting in Washington, DC, Thursday, WSJ reported.

Separately, Bloomberg reported that PayPal and Stripe are also unsure of formally signing on Libra.

Reuters reported last week that Facebook could push the launch of Libra to address regulatory concerns that have been raised around the world.

Facebook announced plans to launch the digital currency in June 2020, in collaboration with other members of the Libra Association raised by the US technology giant to manage the project.

However, the attempt to drag the cryptocurrency into the mainstream has since met regulatory and political skepticism globally, with France and Germany promising to prevent Weight from operating in Europe.

companies did not immediately respond to Reuters request for comment.

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