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AFP
September 15, 2019

PayPal cautious about Libra

Business

AFP
September 15, 2019

San Francisco: PayPal is cautious about the future of Facebook-backed cryptocurrency Libra, which is slated to debut with the pioneering digital payments firm as part of its oversight association.International outcry is mounting over Libra -- with central banks, governments and regulators railing against Facebook´s upstart cryptocurrency and questions over how it would be regulated.

The social media giant unveiled plans in June for Libra -- which will roll out in 2020 -- to be backed by a basket of currency assets to avoid the wild swings of Bitcoin and other virtual units.

"It´s a non-binding commitment," PayPal investor relations vice president Gabrielle Rabinovitch said Thursday of the California-based company signing on to the Libra Association.

"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 nonprofit Libra Association, based in Geneva, will oversee the blockchain-based coin, maintaining a real-world asset reserve to keep its value stable.

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