A recent report claims that PayPal might be thinking of quitting the Libra Association. This is after the company failed to show up at a Libra Association meeting. If PayPal quits the association, it would deal a huge blow to the future success of the project.
An insider claims that PayPal is not happy about how Facebook has handled the backlash from regulators. The person said it appears that Facebook had not talked to regulators beforehand to address their concerns before they launched the project. The insider went on to claim that PayPal is unlikely to formalize its commitment to the project but it might consider joining the project in the future.
Other members of the Association have all pledged $10 million for the implementation of the project. However, a number of them have voiced their concerns about the success of the project. The Libra project will undoubtedly have a huge impact on the financial world by making it almost free to send funds. Many of them have not yet handed over their $10 million.
Most of those that have expressed concern about the project are those in the payment sector. These companies are Mastercard, Visa, and Stripe. This is especially so after EU officials launched an antitrust investigation.
The head of policy and communication at the association said that the journey to create Libra would not be easy. He added that he recognized change was hard and that each organization involved in the project would have to make an independent assessment of the rewards and risks of remaining. He noted that 1500 entities had shown interest in joining the project.