Mubasher: Mastercard and other financial partners in Facebook's cryptocurrency-based payments network, Libra, are reportedly reconsidering their involvement in the project, according to the Wall Street Journal (WSJ).

Amid a backlash from European and US officials, Facebook’s partners, including Mastercard and Visa are weighing to waver in their support, in an attempt to avoid regulatory scrutiny, while they rejected requests to publicly support the network, the WSJ said, sources familiar with the matter.

Facebook has faced regulatory pushback after announcing its crypto last June, which is scheduled to be launched in June 2020, in partnership with other backers, in the light of the social media’s poor record on privacy.

Two policy executives from the Libra Association, the set up to manage and develop the cryptocurrency, have been summoned to a meeting this Thursday, the WSJ reported.

In response to the report, Facebook's executive overseeing the Libra project, David Marcus tweeted that he was not aware of any companies planning to “not step up.”

“I can tell you that 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,” Marcus said.