Representatives from Paypal have said that they remain cautious in regards to the future of Facebook’s upcoming (and controversial) stablecoin, Libra.
According to a report from Agence France Press (AFP) published over the weekend, PayPal investor relations vice president Gabrielle Rabinovitch allegedly highlighted that the companies membership of the Libra Association represents a non-binding comment’ noting that.
"Obviously, I think there's a lot of work to happen before we get to that point where it [Libra] becomes something more than just a very exciting idea."
For those that don’t know, the Libra Association is an independent organisation that was established in order to keep the upcoming Libra network in chek. It so far has just under thirty founding members, some of which are already well-known names including PayPal, Visa, Mastercard, Spotify and even Uber, all of which were required to invest $10 million to join.
As reported by CoinTelegraph:
“Even as ever more regulators and national governments continue to voice their misgivings about the social media giant’s digital currency plans, Rabinovitch emphasized that ultimately, the goals and ambitions of Libra align closely with those of PayPal.”
She defined these as “serving the underserved” and “democratizing access to capital."
"So we very much believe in the potential of Libra," Rabinovitch added.
Last month, sources reportedly claimed that at least three of the Association’s members were considering withdrawing their support of the project in light of mounting regulatory and political duress.
The regulatory moves to push down on Libra hasn't deterred the director-general of the Libra Association, Bertrand Perez from claiming that the Association is dedicated to moving all the obstacles out of the way and that Libra should see its release in the second half of next year.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!