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PayPal may be pulling out of the Libra project

Oct 04 2019
By
Jonathan Smith

 

PayPal, which is one of the founding members of the Libra Association, may have gotten cold feet on Facebook’s crypto project, reported the Financial Times on Thursday.

 

The payment company is allegedly reconsidering its involvement with the Libra project due to concerns over “maintaining positive relationships with regulators who have reservations about the project,”.

 

David Marcus, head of the entity behind Libra commented that they are trying to “very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront.”

 

He also said that the names of the companies that have been listed as members of the Libra Association are not yet “official” and will be formalized in the weeks to come.

 

Facebook’s team continues to develop the software while various companies and institutions are raising concerns about its privacy, regulation and financial stability. According to a recent Wall Street Journal report, Visa and Mastercard are also considering withdrawing from Libra project. The Bank of Japan, the federal government in Berlin, the Bank of England, and the European Central Bank (ECB) also expressed concerns about the new stable coin, which is expected to hit the markets in 2020.

TAGS: PayPal  Libra  Fcebook  Stable coin  regulation 
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