PayPal, an electronic payment system, has officially confirmed its refusal to participate in the Libra digital currency project. The company announces a statement on Friday, October 4.
The company did not mention the reasons for the refusal to participate in the project. It noting only that it intends to continue to focus on promoting the current mission and its own business priorities, seeking to democratize access to financial services for socially disadvantaged groups of the population.
Thus PayPal was the first of 28 previously announced members of the Libra Association, which officially leaves the project.
However, Facebook representatives confirmed PayPal’s removal from the association. They note the company keeps operating with other partners. However, the agreement will be signed on October 14 in Geneva.
Earlier this week, PayPal representatives did not attend a meeting with members of the Libra Association in Washington. They discussed a strategy for cooperation with regulators amid fierce criticism of the project.
Allegedly, PayPal believes that Facebook has not done enough to meet the requirements of regulators in the field of AML legislation. According to other reports, Visa, Mastercard, and Stripe may not sign the consortium contract.