Facebook's Libra announces board as support shrinks further

Exodus of major financial firms leaves Facebook's Libra, due to launch by June 2020, without the backing of any prominent global payments backers for the project

Its only payments firm remaining is Netherlands-based PayU, which according to its website does not operate in the United States, Canada or large swaths of Africa and the Middle East.

France pledged last month to block Libra from operating in Europe, while the Bank of England laid out high hurdles it must meet before its launch. U.S. Federal Reserve Chairman Jerome Powell has also suggested the project could not advance before concerns were assuaged. Libra, announced as Facebook expands into e-commerce, will be backed by a reserve of real-world assets, including bank deposits and short-term government securities, and overseen by the Libra Association.

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