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PayPal refused to participate in the Libra project

The largest debit electronic payment system PayPal suddenly found itself participating in the Libra project. Representatives of the payment giant did not come yesterday to a meeting of Facebook project partners. The reason is the discontent of regulators.

According to the business publication Financial Times, citing an informed source, yesterday, October 3, all partners except PayPal came to the Libra partners meeting in Washington. The company fears the wrath of regulators.

“Payment companies do not want regulators to focus on their business. This means that preparatory work with regulators was not carried out at the proper level, ”the source said.

However, PayPal does not exclude partnerships with the project in the future, provided that all issues with regulators are settled. Payment companies such as Visa, Mastercard, and Stripe are more worried about regulator problems than others.

The next Libra partners meeting will be held in mid-October in Geneva. There, companies will have to confirm their participation, at the moment they have signed a letter of intent to join the project, which does not impose any obligations.


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