Ramla SoniAmerican online payments system PayPal is on the verge of quitting Facebook’s Libra project after having pulled out of a vital meeting in Washington on Thursday, the Financial Times reports.
All 28 backers of Facebook’s plan for a new global digital currency were due to gather to discuss how Libra would tackle increasing opposition from regulators.
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However, people familiar with the event said PayPal had not been present and were the only one not to show.
PayPal has been said to be allegedly be concerned about Facebook not doing enough to address the backlash against the project, especially over money-laundering concerns.
A person close to PayPal said PayPal was unlikely to sign up initially but may rejoin the project at a later date.
The company declined to comment.
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