Wednesday, November 13, 2019

PayPal skips an all-member meeting of Libra Association, hints at leaving the project

The Takeaway:

PayPal representatives did not participate in the recent all-members meeting of Libra Association in Washington. Out of 28 backers, PayPal was the only one who did not attend the meeting. Financial Times has reported that PayPal might be on the verge of quitting the project.

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According to the Financial Times report, PayPal representatives did not participate in the recent all members meeting of Libra Association. Out of Libra’s 28 corporate backers, which include Mastercard, Visa, Spotify, and many others, PayPal was the only one that missed the meeting. 

The report cited its sources, who believe PayPal might be on the verge of quitting the Facebook-led crypto project. This is not the first time one of Libra’s backers has indicated to leave the project. Earlier, Bloomberg reported that Visa, Mastercard, and Stripe are reconsidering their position amid regulatory scrutiny.

Last week the Wall Street Journal reported that Libra kept information from its partners on how they plan to tackle crime. David Marcus, head of the Calibra project, later denied such claims. Libra is supposed to launch next year, but with regulatory issues and backers reconsidering their position, nothing can be said with certainty. 

Last month, Gabrielle Rabinovitch, the VP of investor relations at PayPal, said that Libra has a lot of work that needs to be done before the project becomes more than just an exciting idea. Bloomberg cited its sources who said that social media giant oversold the extent to which regulators were comfortable with the project. 

It seems as regulatory scrutiny has caused a panic amongst the backers of the crypto project. Let us know in the comments what do you think about the Libra project?

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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.

Paul Rea
Paul Rea
Paul is a graduate from the Queensland University of Technology and has a demonstrated history of working in the computer and network security industry. Apart from being a dedicated author, Paul also has an interest in graphic designing.

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