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* Libra Association due to meet in Geneva
* Visa, Mastercard, others quit project on Friday
By Tom Wilson
LONDON, Oct 14 (Reuters) - Facebook's Libra cryptocurrency
faces a pivotal meeting of backers on Monday, days after the
would-be digital coin project suffered a severe blow as major
payment firms quit.
Mastercard and Visa abandoned the Geneva-based
Libra Association on Friday, as did eBay, fintech
startup Stripe and payments company Mercado Pago.
Politicians and regulators from the United States to Europe
have said that Libra risks upsetting global financial stability,
undermining users' privacy and facilitating money laundering.
PayPal started the Libra Association exodus this
month, leaving Facebook without the backing of any major
payments firms for the project, due for launch by June 2020.
Libra said this month it would give details after the
meeting of the 1,500 "entities" that have indicated
"enthusiastic interest" to take part in the project.
Members will review a charter and appoint a board at the
Libra meeting, which will be held in Geneva, the Wall Street
Journal reported this month.
A spokeswoman did not immediately respond to enquiries on
the meeting of the Libra Association, whose remaining members
include Vodafone and ride-hailing firms Uber and Lyft.
It also includes non-profit organisations, venture capital
groups and blockchain firms, but the departure of major
financial firms presents a stumbling block for Libra's efforts
to convince regulators and politicians about the coin's safety.
France last month pledged to block Libra from operating in
Europe, with the Bank of England laying 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 met.
(Reporting by Tom Wilson;
Editing by Alexander Smith)
