Friday, August 7, 2020

Libra’s investor Paypal hints uncertainty over Facebook’s cryptocurrency

The Takeaway:

PayPal investor relations vice president Gabrielle Rabinovitch said on Thursday that their commitment with Libra Association is non-binding. Surrounded by controversies, Libra received a huge blow earlier this week when the French finance minister said that they would block Libra's development in Europe.

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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. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Glenn Harper
Glenn Harper
Glenn has only two interests: Bitcoin and Aviation. After completing his graduation from San Diego State University in 2006, Glenn started working in the airlines and aviation industry. Aviation was his only passion before he came to know about bitcoin in 2012 after which he decided to dedicate 8 hours of his day for aviation and 8 hours for learning and writing about bitcoin and the technology behind it. Glenn lives with his wife and a 7-year-old son who mines ethereum on his computer and is also quite passionate about cryptocurrencies.

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