Representatives of the payment company PayPal did not attend a meeting with members of the Libra Association in Washington, where they discussed a strategy for cooperation with regulators amid fierce criticism of the project.
According to sources in the Financial Times, only PayPal was not present at the meeting, although previously it was reported that Visa, Mastercard, and Stripe did not want to sign the consortium’s charter.
PayPal on the verge of quitting Facebook’s Libra project https://t.co/JJps99kJmt— Financial Times (@FT) October 3, 2019
PayPal allegedly believes that Facebook has not done enough to meet the requirements of regulators in the field of AML. The source concluded that payment companies did not need such close attention.
At the same time, according to FT, the industry giant did not rule out that it might join the project at later stages.
Currently, Libra is overseen by former PayPal vice president David Marcus. Many former company managers are also involved in the project.
Recall that earlier the European Commission launched an antitrust investigation against Libra, and Germany passed legislation prohibiting the development of such initiatives.