PayPal payments giant is going to leave Facebook’s digital cryptocurrency Libra.
A news agency named Financial Times in the report says that the PayPal payments giant was not present at the Washington meeting where the Libra’s scrutiny issue was going to be discussed.
PayPal is a company based in America that operates an online payment system. It is also one of the Association’s founding members of Libra.
The Financial Times news agency report says that the Payment giant PayPal was the only member among the 28 members of the Libra Association which was not present there at the meeting.
PayPal is actually concerned about the regulatory issues of Libra. The payments giant says that Facebook’s Libra has not clearly explained its regulatory concerns. The Libra association also has not discussed clearly the matter of money-Laundering with its members.
The Payment giant says that the company does not want the regulatory scrutiny of Libra in their business.
As the Financial Times quotes the statement of someone who is very close to the PayPal company:
It doesn’t seem that there was a lot of pre-work done with regulators. [Payments] companies don’t want that [regulatory scrutiny] to bleed into their businesses.
A former PayPal executive David Marcus who is currently leading the Libra’s Project also explained that Libra is not a threat to the monetary policies of the US. Most of the members of Libra’s project are the former staff of PayPal.
The news agency also says that there is a chance that PayPal’s
company may again join Libra at a later stage.
If the PayPal Payments giant now leaves this Libra’s project at this crucial time, then it will be a big loss for Facebook’s Libra.
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