The investor relations vice president of PayPal, one of the world’s largest online payment processors, has said that Facebook’s Libra are very consistent with PayPal’s overall ambition when it comes to banking the unbanked. She also said that there’s a lot of work to be done on the project before it becomes something more than just an idea.
PayPal Bullish on Libra
Earlier this year, Facebook, the world’s largest social media website, announced its future cryptocurrency project called Libra. While it received mixed reactions from institutions and the community, in general, it remains one of the most widely discussed topics in the field.
Weighing in on the matter was the investor relations vice president of PayPal, Gabrielle Rabinovitch.
Commenting on Facebook’s Libra, Rabinovitch said that it’s a non-binding commitment and that “there’s a lot of work to happen before we get to that point where it becomes something more than just a very exciting idea.”
However, she also added that Libra’s goals are pretty much in line with those of PayPal when it comes to banking the unbanked.
The goals and ambitions of Libra are very consistent with PayPal’s overall ambitions in terms of serving the underserved; democratizing access to capital. – Said Rabinovitch.
Hence, she summed up PayPal’s position on the matter by saying that they “very much believe in the potential of Libra.”
Tough Times For Libra
It’s safe to say that Libra and the Association behind it could use every word of endorsement it can get as times have certainly been better for the project.
The Independent recently reported that France’s Economy and Finance Minister, Bruno Le Maire said that the country plans to block the project in the EU over concerns that it actually brings a threat to the sovereignty of national currencies.
Just yesterday, Sept. 13, a German weekly news outlet Spiegel also reported that Germany’s head of blockchain policy of the Christian Democratic Union (CDU), Thomas Heilmann, said that the government will deny projects such as Facebook’s Libra.
Yet, despite all of that, the social media giant pushes forward with the development of the project. According to Bertrand Perez, the general director of the Libra Association, they are on track to launch as scheduled at the end of 2020.
… we are firmly maintaining our launch schedule, between the end of the first half of the year and the end of 2020. – Said Perez.
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Source: Crypto Potato