Yesterday the Financial Times (FT)
reported that Paypal is getting cold feet over Facebook’s
Libra blockchain project. There was a Washington meetup for the 28 Libra members, but Paypal was the only one not to show.
Apparently, payments companies are concerned that the regulatory scrutiny that Libra has attracted could spill over into their businesses. None of the Libra members have yet to hand over the $10 million financial commitment, while Facebook’s team continues to develop the software.
In July at the
U.S. Senate hearings about Libra, Senator Schatz was one of the first to highlight the reservations of Libra members. “What I’m hearing, and they’re terrified to talk about this publicly, is that members of the consortium actually have lots of questions too, similar to the questions that are being offered on this dais,” said Schatz. “And they have great reservations about moving forward, but they don’t want to be left out because of Facebook’s market power.”
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