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Libra Has a Long Way to Go Before It is Realized: PayPal

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September 16, 2019 | 

Darryn Pollock |  0 Comments| 

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Libra continues to be in the spotlight as the ambitious cryptocurrency project from Facebook continues to fight fires from regulators, as well as other issues that are cropping up along the way. The plan was launched in the Summer of this year under much fanfare, but that excitement is all that there is to show at the moment. 

The brains at Facebook have major struggles ahead in ensuring they can get regulators onboard; the main problem being that this global coin is running in to a mass of different type of regulations from different countries. 

Then, other than the regulatory concerns that need to be addressed, there is the development and deployment of this cryptocurrency that needs to go off without a hitch of it is to be a success. It is this part of the project that PayPal, a payments processor that knows a thing or two about currency, is concerned with. 

PayPal forms part of the Libra Association, a group of companies who have banded together to try and help get this project off the ground, but a representative from the payments processing company has said there is still a long road to travel. 

Make it more than exciting

It appears as if the approach from PayPal is one of caution, but also optimism. The firm’s  investor relations vice president Gabrielle Rabinovitch reportedly emphasized that the company’s membership of the Libra Association represents a “non-binding commitment," and then went on to add:

"And obviously, I think 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," the investor relations vice president said. 

Indeed, the talk of Libra’s potential has been broad and exciting regardless of which side of the fence one sits on. For the average user of Facebook, Instagram and Whatsapp, this is a big chance to gain access to cryptocurrencies that will be easy to use and safe to operate in a constructed space. 

Then, for those already entrenched in the cryptocurrency space, this offers a chance to see a flood of understanding and adoption in cryptocurrency which can easily translated to more traditional coins - such as Bitcoin. 

Still positive

Even with the constant barrage of regulations and less than positive approaches from the likes of China and India, there is still optimism from those in the association. Bertrand Perez, the director of the Libra Association, has given assurances that the cryptocurrency should launch during the second half of 2020.

And even though PayPal is being cautious, they have said they still back the potential of the project. 

"The goals and ambitions of Libra are very consistent with PayPal's overall ambitions in terms of serving the underserved; democratizing access to capital," Rabinovitch said. "So we very much believe in the potential of Libra."

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