According to a dailymail.co.uk report, one of Paypal’s executives has said that there is a lot of work to be done to make Facebook’s cryptocurrency Libra more than just an exciting idea. Since Facebook announced the launch of Libra, it has been surrounded by controversies. Earlier this week French Finance minister said they would not allow the development of Libra on European soil.
PayPal investor relations vice president Gabrielle Rabinovitch said on Thursday that their commitment with Libra is non-binding. Libra has been heavily scrutinized from regulators all over the world. Paypal is among the many firms who are part of the Libra Association.
Earlier Financial Times reported that two unnamed firms who invested in Libra are looking to back out from the project because of the regulatory issues. Rabinovitch reckons that the goals and ambitions of Libra are very consistent with Paypal’s overall ambitions. He added that they believe in the potential of Libra.
Libra is supposed to roll out next year, but with increasing regulatory pressure from around the world, nothing can be said with certainty. Currently, there are 28 firms that are part of the Libra Association, including Visa, Paypal, and Uber.