PayPal Exits Libra! PayPal Exits Libra and their move is said to make Visa and MasterCard uncertain about their participation in the cooperation.
Libra and Mark Zuckerberg have faced significant backlash from global financial and regulatory circles already, including from the US House of Representatives.
Representatives from the House of Representatives have called for a moratorium, while US President Donald Trump have lambasted the project while touting the power and resiliency of the US Dollar.
This is why when PayPal announced that they decided “to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations”, it was a striking and decisive vote of no confidence in the association that is reverberating amongst existing partners.
Libra Association’s head of policy and communications, Danta Disparte, told media outlet The Verge that:
“This journey to build 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 own assessment of risks and rewards of being committed to seeing through the change that Libra promises.”
Dante Disparte has confirmed that the upcoming Libra Association meeting set for October 14th in Geneva is still scheduled to proceed.
With this defection of PayPal, Visa and MasterCard, among others, are reportedly considering leaving the Libra Association. EBay has a long history of cooperation with PayPal and may soon follow suit.
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