During the creation of the Libra Project, Facebook has managed to get the attention of important companies to form an alliance that would support the launch of this new stablecoin, including Paypal.
Is PayPal putting a distance?
PayPal seems to be concerned about Libra’s future for the obstacles it is having along the way, and for those that will come in the following months, this payment company cannot be blamed, and they are not the only investors who want to break up of this crypto project, at least that’s what the rumors say.
International protests are rising against the cryptocurrency of Facebook, with central banks, governments and regulators criticizing the Facebook project, and asking very complicated questions about how to regulate it.
For example, several US lawmakers, including Congresswoman Maxine Waters, the President of the Financial Services Committee of the United States Congress 🇺🇸 along with other members, asked Facebook to stop the development of Libra because it would be undermining the stability of your economy.
As if the security complications Libra has had are not enough, relevant countries such as France and Germany have recently announced that they will not allow Libra to circulate in their territories, and have begun to put pressure on the European Central Bank to regulate not only Libra, but to all cryptocurrencies with a legal status that allows them to have some standardization of crypto regulations in the European Union.
Such intense pressure seems to have forced PayPal to issue a public statement aimed at distancing itself from Facebook and its Pound. The Vice President of Investor Relations at PayPal.
The person in charge of relations with the Libra Association, Gabrielle Rabinovitch said on behalf of PayPal:
“What we did in the past was a non-binding commitment between the two companies.”
Obviously, there is a lot of work to do before reaching the point where Libra becomes more than an exciting idea.
Libra’s ambitions are very consistent with PayPal’s overall goals, when seeking outcasts by traditional financial systems, as both seek to democratize global access to stable capitals. This motive supports the credibility of Libra and maintains high expectations for its launch.