PayPal cautious about future of Facebook's Libra project

PayPal cautious about future of Facebook's Libra project

PayPal is taking a cautious approach to Facebook’s planned stablecoin Libra, according to a report by Agence France Press (AFP).

"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,” says PayPal Investor Relations Vice President Gabrielle Rabinovitch.

She added that the firm’s membership of the Libra Association represents a “non-binding commitment”. This is an independent, not-for-profit membership organisation which will govern the Libra network. There are 28 founding members - including Visa and Mastercard - each of which stumped up $10 million to join.

"The goals and ambitions of Libra are very consistent with PayPal's overall ambitions in terms of serving the underserved; democratising access to capital," Rabinovitch said. "So we very much believe in the potential of Libra."

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