PayPal and Libra are the same when it comes to ‘bank the unbanked’.
PayPal, the world’s largest online payment processor and Libra, the cryptocurrency that is yet to be launched by Facebook after it acquires enough support for it to be approved and not be considered a threat to financial stability, have a common aim and that is to let people know what it means to live a life without having to worry about asset custody.
PayPal and Libra are on a mission
Gabrielle Rabinovitch, the investor relations vice president at PayPal, says that Libra’s fundamentals are very much in line with their own. As a multinational payment processor firm they, with a staunch belief in the tenets of banking, hope that Facebook will help them curb the superstitions that keep people away from these assets containment facilities.
However, Gabrielle Rabinovitch was straightforward about the situation that nothing of essence has been done yet to make PayPal believe that Libra’s ideology will be worked on. The idea that libra is based upon certainly isn’t the problem. The problem lies with making it happen and no matter how exciting the idea is unless it is brought to become an actuality, it isn’t of any use.
To sum it up, Rabinovitch said that they do not doubt Libra’s potential. As a matter of fact, no one does question Libra’s potential at this stage in time but the risks have always outweighed the benefits when referring the use-case scenarios for Libra.
Objections to Libra
Libra hasn’t been a favorite in the crypto space. Many have scoffed at the idea of it because it isn’t like the cryptocurrency that makes up ninety-five percent (95%) of the market.
That being said, Bruno LeMaire, the Economy and Finance Minister for France, declared Libra a threat for the EU and that the country does not plan to have Libra run there. Germany’s head of blockchain policy of the Christian Democratic Union (CDU), Thomas Heilmann, was also standing firm with the German government in denying such projects as Libra.
Facebook’s commitment to their work in the face of rejection is remarkable. Bertrand Perez, the director of Libra Association said that they are determined to make Libra available to the world before the first half of 2020 ends. Only time will tell if that gets done.
