PayPal, a payment company, is concerned about regulators' doubts about the Libra project, so it will not enter the association at the initial stage. PayPal representatives did not attend a Libra Association meeting in Washington.
“It doesn’t seem that there was a lot of pre-work done with regulators. [Payments] companies don’t want that [regulatory scrutiny] to bleed into their businesses.” - said a person close to PayPal.
The source in the know also added that PayPal may join the project later if all issues are resolved. The next Libra partners meeting will be held in mid-October in Geneva, where the company must confirm its participation.
Earlier, it was rumoured that large financial corporations were going not to cooperate with Facebook. Visa, Mastercard and Stripe express similar worries that Libra can harm their relationships with regulators. However, the head of the blockchain division of Facebook, David Marcus, denies all this statements and assures that Visa and Mastercard are reviewing the participation, and not leaving Libra.