Paypal, Mastercard and Others Might Pull out of the Libra Association

Here’s something interesting. According to the Australian Financial Review, four of the Libra Association’s founding members may pull out of the cryptocurrency project.

Visa, Mastercard, PayPal, and Stripe are reportedly reconsidering their involvement in the Facebook-proposed crypto, believing that Facebook “oversold the extent to which regulators were comfortable with the project.” Company executives are also said to be concerned about the way the social network has behaved in other areas, particularly user data and privacy.

PayPal, the San Jose-based payments giant, appears to be one of the closest to leaving. The Financial Times reports that representatives from Libra’s 28 backers were slated to meet in Washington Thursday to discuss how to tackle all the regulatory backlash. People familiar with the matter, however, told the FT that PayPal was a no show at the meeting.

The company, the source said, will likely pull out from the association but added that it could rejoin at a later date.

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