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Facebook is a Scale-faces to support the test after paying the giants to jump ship

LONDON (Reuters) – Facebook’s (FB.(O) Scale cryptocurrency is for it to be a crucial meeting of the backers on a Monday, a day after the ambitious project to make the digital coins in the regular market suffered a serious setback when the major payment companies to stop it.

FILE PHOTO: A small piece of a toy figure standing on the representations of the virtual currency in the front end of the Scale, the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/Image/File Photo

Mastercard’s (MA.(N) and Visa (V. N), leaving the Geneva-based Scale’s Association on Friday, just as eBay (EBAY).D), the fintech startup of the Line, and the payments company is Mercado Pago.

The exodus followed warnings from politicians and regulators in the United States, to Europe, and that the Balance, threatening to disrupt the world’s financial stability, and the undermining of the right to privacy of the users and the facilitation of money laundering.

In the last images, following the departure of PayPal (PYPL.(O) on the Scale’s Association earlier this month, and will let Facebook without the help and support of all of the payments from the project, due to be launched by June, 2020.

At the meeting, which will take place in Geneva, the members of the agreement, the interim articles of association, said a spokesperson for Vodafone’s (VOD.(L), which is one of the highest-profile companies in the project.

Articles of association of the association, are usually written in the rules that lay out how a company or organization is governed.

The Scale’s Association, the appointment of a new board of directors at the meeting, the Wall Street Journal reported this month.

A spokeswoman for the Scale’s Association declined to comment on the meeting.

The group said this month that it will provide the information after the meeting of the 1,500 “entities” that have shown “enthusiastic interest” in order to take part in the project.

The association, with the remaining 22 members of his ride and-coming companies, Uber and Lyft, there is a non-for-profit organizations, venture capital groups, and blockchain firms.

However, the departure of major financial firms means that it will no longer be able to count on to be a global player, to help consumers, their currency is in the sign of Libra, and to facilitate the transactions. It is a stone of stumbling and for Libra’s efforts to convince regulators and politicians across the sale of of safety.

France promised last month to block the Scale of operations in Europe, the Bank of England, and was constructed of high hurdles it must meet to be started. In the U.S., the Federal Reserve Chairman, and Jerome Powell, has also been proposed that the project can’t advance, before the issues were assuaged.

Scales have been announced, as Facebook expands into e-commerce, you will be backed by a pool of real-world assets, including bank deposits and short-term government securities, and under the control of the Scale bar Association.

The structure has been designed in order to boost confidence and stabilize the volatility of the prices of which are pests of cryptocurrencies, and that makes them impractical for trade and payments.

Report by Tom Wilson; Editing by Alexander Smith and Pravin Char

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