Forex and Crypto News

PayPal can leave the project Libra

13:50 04 October /2019

It seems that PayPal is going to leave the digital currency project Facebook Libra. On October 3, representatives of PayPal did not attend the key meetings dedicated to the launch of the currency. This was reported by the Financial Times.

The meeting of 28 members of the Libra Association was held, which, in addition to PayPal, includes Mastercard, Visa, eBay, Lyft, Uber, Booking. At it, participants discussed how Libra will be able to cope with the growing opposition from regulators.

However, PayPal is concerned about the fact that Facebook is not doing enough to overcome the negative reaction to the project.

“It does not look like serious preliminary work with regulators was carried out. Companies do not want regulatory control to penetrate their own business,” - the source said. It seems that PayPal will temporarily refuse to participate in the project to join it subsequently.

PayPal's exit from the project can cause some problems, especially since other payment companies, including Visa and Mastercard, are also concerned about the regulators' excessive attention to Libra.

Libra has already been criticized by US President Donald Trump and the head of the US Federal Reserve Jerome Powell.

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