Possible reasons why PayPal dropped Facebook’s Libra membership

[Jating]

Possible reasons why PayPal dropped Facebook’s Libra membership

PayPal seeks China market entry

Just last week, PayPal Holdings Inc. obtained approval from Chinese regulators to purchase a majority stake of a local payment processing firm, GoPay Information Technology. As a result of this acquisition, it would make PayPal the first foreign company to make an entrance into China’s payment services market.

PayPal Payment platform potentially used by child exploitation rings

Another possible explanation could be due to wide attention Facebook’s Libra project has gather. Since the launch, governments and regulators around the world have backlashed the initiative and calling for a halt until all regulatory concerns have been addressed.

PayPal may be concerned that by formally signing membership in Facebook’s Libra association may put them into the regulatory spotlight. So why PayPal does n’t want that.

Apparently there are claims that PayPal’s payment platform is used for money laundering. The firm is undergoing investigation by AUSTRAC for its fund transfer platform used by child exploitation rings in Asia.

https://cryptopurview.com/possible-reasons-why-paypal-dropped-facebook-libra-membership/

Very interesting, but I think the reason is that Paypal doesn't want their name to be associated with Libra right now because of the negativity around this project. A lot of negative sentiments around this project even prior to the release.

And they Paypal have established themselves already and they don't want their good name to be with some product that has a lot of adverse reaction that can have a domino effect on their name in the future.

[DaMut]

That is new for me, this could be the biggest reason why PayPal leaves Libra. It is understandable why PayPal made a quick decision in leaving the alliance after the approval because the regulation backlash might affect the partnership with Chinese regulators and at the same time it could rise opinions from the public by associating with cryptocurrency.
just like what we heard about cryptocurrency, money-laundering, and terrorism.

PayPal made a decision to join Libra because cryptocurrency is used popularly to make transactions and they want to compete in the industry,
and now after they secured their spot. Everything else does not matter.

[masterrex]

Possible reasons why PayPal dropped Facebook’s Libra membership

PayPal seeks China market entry

Just last week, PayPal Holdings Inc. obtained approval from Chinese regulators to purchase a majority stake of a local payment processing firm, GoPay Information Technology. As a result of this acquisition, it would make PayPal the first foreign company to make an entrance into China’s payment services market.

PayPal Payment platform potentially used by child exploitation rings

Another possible explanation could be due to wide attention Facebook’s Libra project has gather. Since the launch, governments and regulators around the world have backlashed the initiative and calling for a halt until all regulatory concerns have been addressed.

PayPal may be concerned that by formally signing membership in Facebook’s Libra association may put them into the regulatory spotlight. So why PayPal does n’t want that.

Apparently there are claims that PayPal’s payment platform is used for money laundering. The firm is undergoing investigation by AUSTRAC for its fund transfer platform used by child exploitation rings in Asia.

https://cryptopurview.com/possible-reasons-why-paypal-dropped-facebook-libra-membership/

Very interesting, but I think the reason is that Paypal doesn't want their name to be associated with Libra right now because of the negativity around this project. A lot of negative sentiments around this project even prior to the release.

And they Paypal have established themselves already and they don't want their good name to be with some product that has a lot of adverse reaction that can have a domino effect on their name in the future.

Interesting information maybe thats the real reason or not! one thing is for sure the Paypal decision to drop the Libra project is for the company own sake they are avoiding the regulatory issues that involving around the Facebook cryptocurrency Project called Libra and if the article was true its a wise decision on Paypal's side to pursue the Paypals ambition to enter the chinese Market.

[smyslov]

We haven't seen the impact it created although too early to tell, no one's following Paypal's action so far and based on the news they are just protecting their interest because of their ongoing tie-up with Go pay, if there is no GoPay tie, Paypal will continue to be in the group, this is how business works they do not want to ruin the big deal, and they will go for the biggest profit and GoPay can bring them good profit.

[Jating]

I guess its the right decision for Paypal isn't it?

I mean why taint their names today, maybe there are other ways to make money here and perhaps there is a possibility that they will have their own tokens in the future that could also rival Libra that's why they opted not to join force with them.

They need to under go that audit first specially with the accusations that they are being used for child exploitation and money laundering scheme. So let's see how it turns out. Clean up their dirty laundry first before they support crypto because I'm sure regulators are going to scrutinised them just like what they are doing today with Facebook's Libra.

[tsaroz]

The negative sentiments are not permanent. Everybody admits future is of crypto. IMO the prime reason of Paypal leaving Libra is due to the insignificant position of Paypal in such a large project. Paypal is a huge company and it doesn't want to be a backer when it can actually lead the market. Paypal has more experience on payments than Facebook does and it can easily create an alternative to Libra when it decides necessary.

[DaMut]

I guess is the right decision for Paypal isn't it?

I mean why taint their names today, maybe there are other ways to make money here and perhaps there is a possibility that they will have their own tokens in the future that could also rival Libra that's why they opted not to join force with them.

They need to under go that audit first specially with the accusations that they are being used for child exploitation and money laundering scheme. So let's see how it turns out. Clean up their dirty laundry first before they support crypto because I'm sure regulators are going to scrutinised them just like what they are doing today with Facebook's Libra.

From a certain point, their decision is correct.
What they wanted to do is not to make money in here but to rule the cryptocurrency industry, PayPal and the others build up an alliance with Libra in other to rule the cryptocurrency market. Remember Libra aims to be a regulated and stable coin, it could manipulate the price just like what USDT did.
they made a gamble that was why they never did any audit, even without audit they knew cryptocurrency in the face of the public is full of negativity. Remember when they said they were not going to entertain any transaction related to cryptocurrency?

[crazy-pilot]

In my opinion, the heads of Paypal are worried about the company's reputation and therefore dropped Facebook’s Libra membership. I think this is the main reason.

[dfktynby1004]

Most likely, PayPal was interested in this idea and they decided to implement their project together with an Asian company. We all know that in Asia is very well developed cryptocurrency and the basics of the blockchain. Therefore, in this country it will be much easier to realize their ambitions. Facebook became a springboard and prompted PayPal to take action.

[Brunus]

Quite simply, because Libra is not at all a cryptomoneta, but a very trivial centralized electronic money, with a deposit that can be blocked at any time, and therefore it is nothing more than a PayPal DIRECT COMPETITOR .
Of course he doesn't want to go in there.

[Eugenar]

In my opinion, the heads of Paypal are worried about the company's reputation and therefore dropped Facebook’s Libra membership. I think this is the main reason.

If that is so, what might be the possible reason that Facebook's Libra coin can affect to the Paypal's reputation? Are you pertaining to the previous cambridge scandal? Because for me, it hasn't affect that much to a certain areas like our country. Facebook's reputation is still great despite of controversies, and netizens might as well consider buying libra coin if they find it profitable. This might lead to crypto adoption, and Paypal should be proud of it.

[asus09]

Just an issues and drama maybe for PayPal left Libra coin and have planning for building their own cryptocurrency, how ever PayPal become one of many digital e currency payment will left by investor if PayPal become more profitable than using PayPal as payment transaction, with many PayPal account have limited I think investor fun with bitcoin.

[Herbert2020]

it is a win-win situation for PayPal. they pull out now and if things go worse than this, their name won't be sullied alongside Facebook's and Libra. meanwhile they can always come back and partner up with them in the future not to mention that this opens up room for PayPal company to eventually create their own centralized shittoken like Libra and make their own millions of dollars of profit without needing a partner! all they have to do is wait until Facebook paves the way for them...

[goto22]

Possible reasons why PayPal dropped Facebook’s Libra membership

PayPal seeks China market entry

Just last week, PayPal Holdings Inc. obtained approval from Chinese regulators to purchase a majority stake of a local payment processing firm, GoPay Information Technology. As a result of this acquisition, it would make PayPal the first foreign company to make an entrance into China’s payment services market.

PayPal Payment platform potentially used by child exploitation rings

Another possible explanation could be due to wide attention Facebook’s Libra project has gather. Since the launch, governments and regulators around the world have backlashed the initiative and calling for a halt until all regulatory concerns have been addressed.

PayPal may be concerned that by formally signing membership in Facebook’s Libra association may put them into the regulatory spotlight. So why PayPal does n’t want that.

Apparently there are claims that PayPal’s payment platform is used for money laundering. The firm is undergoing investigation by AUSTRAC for its fund transfer platform used by child exploitation rings in Asia.

https://cryptopurview.com/possible-reasons-why-paypal-dropped-facebook-libra-membership/

Very interesting, but I think the reason is that Paypal doesn't want their name to be associated with Libra right now because of the negativity around this project. A lot of negative sentiments around this project even prior to the release.

And they Paypal have established themselves already and they don't want their good name to be with some product that has a lot of adverse reaction that can have a domino effect on their name in the future.

This is interesting, but whatever the reason may be — the decision will probably be a good thing for PayPal, as well as for anyone who follows it. I personally do not expect that regulations will come anytime soon, at least not for a few more years, so PayPal has a lot to lose if it continues supporting Libra.

[Coin_trader]

it is a win-win situation for PayPal. they pull out now and if things go worse than this, their name won't be sullied alongside Facebook's and Libra. meanwhile they can always come back and partner up with them in the future not to mention that this opens up room for PayPal company to eventually create their own centralized shittoken like Libra and make their own millions of dollars of profit without needing a partner! all they have to do is wait until Facebook paves the way for them...

How has this move become a win-win situation from them? Do you think that Libra dev team is an idiot to accept back PayPal again after this backstab? Libra will seek out more deserving companies out there that willing to take the risk. I'm sure that there is a bunch of companies waiting in line. Paypal will gonna regret this move someday. I know that the way of the Libra future is a very hard path since regulators are very strict on crypto due to some personal conflicts of interest. I wonder what will be the year where crypto gonna accept by regulators as true money.

[magneto]

I personally still think that it's mainly due to the fact that Paypal believes that they can dominate the market without having a stake in Libra. If they had a stake in libra and made it big, they would essentially be helping their potential competitor, FB, in the future.

But yes, regulatory concerns with China could be a side reason as well, although I don't think it's the main reason.

Paypal should know well enough that there is next to no chance that they are going to disrupt the Chinese market when Wechat and Alipay are already established there.

[Herbert2020]

it is a win-win situation for PayPal. they pull out now and if things go worse than this, their name won't be sullied alongside Facebook's and Libra. meanwhile they can always come back and partner up with them in the future not to mention that this opens up room for PayPal company to eventually create their own centralized shittoken like Libra and make their own millions of dollars of profit without needing a partner! all they have to do is wait until Facebook paves the way for them...

How has this move become a win-win situation from them? Do you think that Libra dev team is an idiot to accept back PayPal again after this backstab? Libra will seek out more deserving companies out there that willing to take the risk. I'm sure that there is a bunch of companies waiting in line. Paypal will gonna regret this move someday. I know that the way of the Libra future is a very hard path since regulators are very strict on crypto due to some personal conflicts of interest. I wonder what will be the year where crypto gonna accept by regulators as true money.

PayPal is currently one of the biggest online wallets and payment processors that has been around for 20+ years. it is not like they are desperate for Libra to save their sinking ship! in the future they are still going to remain big with or without Libra, if Libra were to become semi popular people would want connection between their Paypal account and Libra account.
besides as i said, Paypal dudes will leave the option of creating their own centralized token open this way because they won't have any obligations to another project/company and can easily compete and become even bigger centralized altcoin than Libra.

[Leyss]

Apparently, PayPal leaves the Libra project for the same reason that Visa had already done, also leaving the project. This is a response to a sharply negative reaction regarding the appearance of the Libra coin from the states of the European Union and the USA. They stated that they would not allow the circulation of this coin on their territory. Without the European market and without the US market, this coin will not be in great demand and will be constantly under pressure from regulatory authorities. Potential Facebook partners do not need such difficulties even at the stage of preparation for the release of this coin.

[asriloni]

If the reason used is to be able to enter the Chinese market, I think this is a reasonable reason. We know that various companies want to enter the Chinese market because of the enormous potential that exists and if they still join Libra, this might make it difficult for PayPal.

It has no idea to enter the Chinese market and a big potential for Chinese to ignore facebook just like US and EU.
It's likely this project is a dead project, US and EU have already declared if they will never try to approve the application to issue the stable coin that fully controlled by company.

Paypal has already left from the members and then VISA and MasterCard were following it. More members will get a lot of uncertainties and then they will also leave this dead project called libra.
Libra has nothing to do with Chinese market and do you know that? china is a country which actively banning digital product that comes from the western and this country always create its own new digital product to be used by its citizen.

This is the end for libra.

[tabas]

Very interesting, but I think the reason is that Paypal doesn't want their name to be associated with Libra right now because of the negativity around this project. A lot of negative sentiments around this project even prior to the release.

Possible. They have a reputed name and while Libra has not operated yet but a lot of reviews were done and they are still struggling to get the sentiment of the gov't.
Maybe that's one big reason why PayPal has removed their association with Libra. They don't want to get stain with their name just because of that project.

[NathanJB]

Very interesting, but I think the reason is that Paypal doesn't want their name to be associated with Libra right now because of the negativity around this project. A lot of negative sentiments around this project even prior to the release.

And they Paypal have established themselves already and they don't want their good name to be with some product that has a lot of adverse reaction that can have a domino effect on their name in the future.

The real reason is that they are afraid of the governments. I am almost 100% sure that those companies who expressed their commitment and support to the Libra project have received communication to cease and cut their connection. If the US government, the US congress in particular, has convened to discuss the development of Libra and issued a statement to stop it, they would have also expressed the same statement to all Libra partners. And these companies cannot say no to the one who gives them the yes to operate in their jurisdiction. 

[clickerz]

Very interesting, but I think the reason is that Paypal doesn't want their name to be associated with Libra right now because of the negativity around this project. A lot of negative sentiments around this project even prior to the release.

And they Paypal have established themselves already and they don't want their good name to be with some product that has a lot of adverse reaction that can have a domino effect on their name in the future.

The real reason is that they are afraid of the governments. I am almost 100% sure that those companies who expressed their commitment and support to the Libra project have received communication to cease and cut their connection. If the US government, the US congress in particular, has convened to discuss the development of Libra and issued a statement to stop it, they would have also expressed the same statement to all Libra partners. And these companies cannot say no to the one who gives them the yes to operate in their jurisdiction. 

Indeed, its difficult to deal with government right now especially with taxation,fees,charges etc. The government always wants their part and interest. From the start of the project, there are controversies already. Establish partners do not want to engage in this kind of business and prefers to distance themselves.

[alyssa85]

I guess is the right decision for Paypal isn't it?

I mean why taint their names today, maybe there are other ways to make money here and perhaps there is a possibility that they will have their own tokens in the future that could also rival Libra that's why they opted not to join force with them.

They need to under go that audit first specially with the accusations that they are being used for child exploitation and money laundering scheme. So let's see how it turns out. Clean up their dirty laundry first before they support crypto because I'm sure regulators are going to scrutinised them just like what they are doing today with Facebook's Libra.

It's absolutely the right decision for Paypal.

I don't think Libra is going to launch, so why stay in a project and get tarnished by it, if it's likely not going to happen?

If paypal wants to connect to crypto they can always tie up with one of the wallet providers like Coinbase, that would be safer for them.

[ashmodeus]

maybe paypal sees libra as trying to dominate the economic system in this world.
and well, they got it.
also , Why Facebook wants to be money's future ?
1.7 billion people in the world, will affected by mass adoption from libra, and it will be make a fucking great domination.
Is dollar dominance not enough for this world?

[Pearls Before Swine]

Very interesting, but I think the reason is that Paypal doesn't want their name to be associated with Libra right now because of the negativity around this project.

I don't think there really is much negativity around Libra, just uncertainty as to whether the U.S. gov't is going to give facebook the green light to go ahead and launch it. 

It did surprise me that paypal had dropped out, though I wasn't aware they were interested in Libra before I heard the news.  Paypal doesn't need something like a cryptocurrency to function anyway.  They must have wanted to somehow piggyback onto the facebook brand and maybe act as a payment processor.  As far as Libra is concerned I don't see this necessarily as bad news unless Paypal knows something the rest of us don't.

[Rmcdermott927]

PayPal has never really been “crypto friendly”.  I remember using local bitcoins years ago and exchanging BTC for PayPal.   PayPal found out and immediately cancelled my account with little explanation given.  I’m surprised they even participated in the first place.