PayPal Has Same Banking Ambitions With Facebook’s Libra

The Vice President of the Investors relations department of PayPal claims that Facebook’s libra has almost the same ambitions with the largest online payment processors when it comes to providing banking services for the unbanked population. In today’s altcoin news we discuss some more about his stance.

The Vice President also noted that there is still a lot of work to be done on the project before it even becomes more than just an idea. Earlier this year, Facebook as one of the largest social media platforms, announced the crypto project-Libra. While the project is still receiving mixed reactions from the institutions and the entire crypto community, it still remains one of the most disucussed topics out there. Gabrielle Rabinovitch weighed in on the matter and explained that the company’s commitment to the project as non-binding still means that there is a lot of work to be done ‘’before we get to that point where it becomes something more than just a very exciting idea.’’

However, she also added that Libra’s goals do resemble those of PayPal when it comes to banking the unbanked:

 “The goals and ambitions of Libra are very consistent with PayPal’s overall ambitions in terms of serving the underserved, democratizing access to capital.”

She pointed out that the position of the company on the matter is that they do believe in the potential of Libra. It is safe to say that the Libra association and project could use some words of encouragement and support as the times have been better for the project. For example, France’s economy and finance minister Bruno Le Maire noted that the country will block the project in the entire EU because of the major concerns about threatening the sovereignty of the national currencies. Also, the head of blockchain policy ad Germany’s Christian Democratic Union Thomas Heilmann noted that the government will reject projects such as Facebook’s Libra.

Despite all that negativity around the project, the social media giant pushes with their idea forward and with the development of the project as well. According to Bertrand Perez who is the general director of the Libra Association, they will likely launch the crypto project at the end of 2020 as per the reports in the latest cryptocurrency news.