PayPal May Back-out From Its Partnership With Libra

Suzat

October 5, 2019 11:08 pm

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PayPal one of the giant Payment processors have left the partnership with Libra Association. According to Financial Times PayPal did not attend the meeting of 28 Libra partners which was held on Thursday.

A spokesperson from PayPal said to Cointelegraph that:

“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities.”

The move comes due to the existing rumors about Facebook’s new cryptocurrency named Libra. It is said that the other three more partners are also considering quitting their roles as future node operators. 

The Times quoted spokesperson from PayPal as saying:

“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.”

Libra has created controversy with lawmakers all over the world since its establishment, whereas most of the governments are stating that Libra may take power over the currency authorization from other governments.

Recently, Tim Cook, CEO of Apple revealed that the company has no intention to follow Facebook in creating its own cryptocurrency. During an interview with French media magazine Les Echos, the CEO said that Apple is not looking forward to launching its own crypto.

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