PayPal representatives did not attend Libra partners meeting

A meeting of partners of the Facebook-developed cryptocurrency project Libra was held in Washington this Thursday, however, PayPal representatives did not attend the meeting.

PayPal executives are concerned about the steps Facebook is taking to resolve the issues. They believe that they are not enough, especially when it comes to countering money laundering. If the company decides to leave the Association, it will be a strong blow to the project, especially considering the fact that it is headed by David Marcus, who was previously the president of PayPal.

“Everything suggests that the preparatory work with the regulators was not carried out at the proper level,” a source familiar with the situation said. “Payment companies are wary of problems that may arise with their business due to the scrutiny of regulators.”

Sources familiar with the situation note that most of all, due to possible problems with regulators, it is payment companies that are worried. PayPal will most likely not sign an agreement to participate in the project at this stage, but may join a bit later. Next time, the project partners will have to meet in mid-October in Geneva, where they will give their final answer.

“The leaders of all the companies that have shown a desire to go with us should analyze the risks and benefits for their own business,” said the representative of the Facebook project, adding that 1,500 companies are already ready to take part in Libra.