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.
Also Read: European Countries Step Up Response to Facebook’s Libra
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.
The last thing needed now, presumably, would be for major members of the association to start dropping out. That seems to be just what’s happening though, according to reported statements issued by Paypal representatives who maintain the company has decided “to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations.”
The Libra Association’s head of policy and communications, Dante Disparte, reportedly told media outlet
