It has been confirmed that PayPal was not present at a meeting of the Libra Association. The Financial Times reported that a source would have said that PayPal was about to leave the association. Now the company officially announces that it is indeed leaving the Libra Association.
It was already a bit coming, with reports that PayPal would be reluctant about Libra and the absence of the company at a meeting. Now the company officially announces that it will leave the group of companies and organizations, including Visa and Mastercard as members:
Facebook has long been a valued and valued PayPal strategic partner and we will continue to support Facebook in various capacities.
Libra also confirms the news with a tweet. Facebook’s cryptocurrency project tweeted:
We acknowledge that change is difficult and that every organization that has embarked on this journey must make its own assessment of the risks and benefits of striving to see through the change that Libra promises.
Below is the extract of the tweet by Libra
“Building a modern, low-friction, high-security payment network that can empower billions of financially underserved people is a journey, not a destination. This journey to building a generational payment network like the Libra project is not an easy path.
We recognize that change is hard and that each organization that started this journey will have to make its assessment of risks and rewards of being committed to seeing through the change that Libra promises.”
EU calls for a global response
An article by Reuters also shows that the European finance ministers will urge the G20 to work together globally to better regulate projects such as Libra. This is how European documents can read:
The latest developments with regard to stablecoins and the multifaceted regulatory, supervisory and regulatory challenges that they entail require seamless cooperation and coordinated response at the global level.
Whether this will again cause a headwind for Libra is not yet clear. However, the CEO of Facebook, Mark Zuckerberg, recently announced that Libra was intentionally announced early. This way, the project can better adapt to the regulations so that it can be launched without problems.
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