Popular online payment processor PayPal may be reconsidering its support for Libra, Facebook's stablecoin.
Financial Times has reported the company did not attend the meeting of Libra supporters held yesterday.
This news comes just a few days after it was known that several companies, including PayPal, Visa, Mastercard and Stripe could be reconsidering their support for Facebook's stablecoin as they want to keep a good relationship with regulators, which feel a bit skeptical about Libra.
A PayPal representative said:
"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."
We should remember that Facebook announced its crypto project on June 18 and that the reaction of the regulators was almost immediate. Regulating bodies around the world fear the social network's stablecoin could be a threat to global financial stability as well as to sovereign currencies.
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