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IPFS News Link • Business/ Commerce

Paypal Exits Libra - Mastercard and Visa May Follow


Facebook's ambitious financial inclusion project, Libra, continues marching forward in spite of mountainous regulatory obstacles, but key members of the Libra Association are having doubts and dropping out. Paypal has now reportedly left the group due to regulatory concerns. Libra representative Dante Disparte has indirectly criticized the move, noting the required "boldness and fortitude to take on an endeavor as ambitious as Libra" and presumably Paypal's noticeable lack thereof. Visa and Mastercard are now said to be uncertain about the Libra connection as well, raising further questions about the ultimate feasibility of the project.

Paypal Compounds Libra's Battles

It's not often that a project faces so many major league struggles before getting off the ground, but Mark Zuckerberg and Libra have made significant waves and received real backlash from the upper echelon of global financial and regulatory circles already. Whether it's letters from the U.S. House of Representatives calling for a moratorium, flak from Donald Trump and U.S. lawmakers, or outright opposition from France and Germany, the project has had a tough row to hoe, and it's not even launched yet.