Institutional Libra Backers are Getting Cold Feet

Major Libra backers Visa and Mastercard are second-guessing their participation in the Facebook-led digital payments project, the Wall Street Journal reported today.

The Journal says that few want to boost the project publicly - leaving Facebook to defend Libra itself.

Libra has been a favorite target of world financial regulators since its announcement.

European Central Bank members said it could destabilize the euro; China's crypto czar called it potentially "Unstoppable;" and US Congressional Representatives have called for an outright freeze on its development.

Now, members of the Libra Association will meet on Thursday in Washington, D.C. It was not immediately clear what the meeting will be about; the members are scheduled to discuss Libra's charter in mid-October.

David Marcus, who co-created Libra, took to twitter almost immediately defend Facebook's crypto project.

2) change of this magnitude is hard and requires courage + it will be a long journey.

For Libra to succeed it needs committed members, and while I have no knowledge of specific organizations plans to not step up, commitment to the mission is more important than anything else;.

"We're very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront," he wrote.

"Change of this magnitude is hard and requires courage + it will be a long journey. For Libra to succeed it needs committed members, and while I have no knowledge of specific organizations plans to not step up, commitment to the mission is more important than anything else."