The head of the Visa payment system said that in fact, not a single company that is mentioned as a member of the Libra Association has yet officially signed any accession agreements.

Alfred F. Kelly, chairman and CEO of Visa, making comments in a Q3 2019 earnings call, said that Visa has not officially joined the Libra project, which was launched by Facebook. According to him, the rest of the companies that are mentioned among the members of the Libra Association have not yet legally registered their membership in the organization.

“We have signed a nonbinding letter of intent to join Libra. We're one of – I think it's 27 companies that have expressed that interest. So no one has yet officially joined,” Kelly said.

Libra Association, which is registered in Switzerland, will lead the development and management of the Libra project. According to Facebook founder Mark Zuckerberg, in addition to the social network, it includes 27 companies, including Uber, PayPal, Coinbase, Visa and others.

According to The New York Times, due to global regulators doubts, as of the end of June, not a single member company of the association made a deposit of $10 million for the right to join the Libra Association. Furthermore, 7 of the 27 participants of the association stated that they are ready to join the project, but only on condition that they are not obliged to use or promote the digital token and could easily back out if they didn’t like where it was going. A number of partners said they would decide whether to join the association and make the payment after there is more clarity on how Libra will work, the executives from the seven companies said.

According to Kelly, currently, Visa is only negotiating with the Libra Association, but the final decision to join the organization will depend on a number of factors, in particular, whether Facebook will be able to resolve all issues with regulators.

“It's really, really early days and there's just a tremendous amount to be finalized,” Kelly summed up.

Last week, David Marcus, head of the blockchain division of Facebook, responsible for the development of the Calibra wallet, said that members of the Libra association are now in the process of approving the charter.