Since the development of Facebook’s cryptocurrency Libra started hitting some significant roadblocks and regulatory hurdles, questions started arising about the state of mind of their high-profile Association members.
The likes PayPal, Stripe, Mastercard, and Visa, have been reportedly rethinking their involvement in the Libra Association, according to reports in Bloomberg, and, most recently, the Financial Times.
The reports have been more rumour-mongering than anything, with no official sources coming forward with hard facts on these members looking to get out before they are officially locked in. This has led to David Marcus, the co-founder of Libra, to once again come out on Twitter to attempt to be a voice of reason.
Marcus was addressing a Wall Street Journal article that claimed financial partners in Libra were getting cold feet. He tweeted: “Felt like addressing this. Official 1st wave of Libra Association members will be formalized in the weeks to come.”
“Change of this magnitude is hard and requires courage + it will be a long journey. For Libra to succeed, it needs committed members, and while I have no knowledge of specific organizations plans to not step up, commitment to the mission is more important than anything else.”
“The part of this article suggesting we weren’t on top of or didn’t share detailed information about how to secure Libra and protect the network against illegal activity is categorically untrue; (worth calling BS)”
“The tone of some of this reporting suggests angst, etc… I can tell you that we’re very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront.”
The words from Marcus are stern and opposed to what has been reported. However, they do not offer much certainly or assurances that these association members are 100 percent committed. He does mention that the full list will be formalized in the coming weeks, which suggests there is still an offramp for some of the original partners to get out, should they so choose.
With this, and even despite Marcus’s comments, a fresh report from the Financial Times has suggested that PayPal is on the verge of leaving the Association. Citing sources, the Financial Times says PayPal is looking at quitting Libra amid concerns about the lack of work done by Facebook to address regulators’ concerns over issues such as money laundering.