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• The Los Angeles Times reports that Facebook's "effort to create a cryptocurrency was dealt a blow Friday when several key partners, including Mastercard Inc., Visa Inc., EBay Inc. and Stripe Inc., abandoned the project. The defections underscored concerns that the Libra currency won’t pass legal muster with regulators and public officials who have lined up to criticize the effort.

"The news came days before the Libra Assn., the group meant to oversee the digital currency, prepares to convene its members and ask them to sign a charter agreement." Facebook said that the meeting will continue on schedule, and that a list of charter members will be made available soon.

The Times writes that "Facebook has faced fierce backlash since it announced its plans for Libra in June. Politicians and regulators around the world have called on the company to halt its progress, and some have suggested Libra could be used for money laundering or trafficking schemes."

Call my cynical, but the idea of having Mark Zuckerberg running a currency does not exactly fill my soul with gladness.
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