The CEO of PayPal spoke about the reasons for the exit from the Libra project
PayPal CEO Dan Schulman in an interview with Fortune told about the reasons for the company's exit from the crypto-currency project Facebook Libra.
Shulman noted that the company has very strong, reliable and trusted ties with US financial regulators, so regulatory uncertainty regarding Libra did not scare PayPal's management. However, the company decided to reconsider its involvement in the project and instead focus on its own development.
"We were learning more and more about Libra and how much needed to be done to launch the project. We thought that if we focused on our own development, we could ensure financial accessibility faster than if we directed these resources to Libra, " Shulman said.
He stressed that it was not a " hard breakup." Libra stablecoin remains very interesting and when Libra's prospects become more certain, PayPal may well become a participant of the project again.
In addition, Shulman said that PayPal's management is very supportive of blockchain and is interested in this technology.
"It is interesting, but for the development of blockchain must do what conventional systems can not. Most believe that the blockchain gives the effectiveness. But traditional systems are now very effective. Sometimes they work through intermediaries, but there are no problems with efficiency. We think blockchain can show its advantages in the field of identification, for example. It's all about application."
When asked by a journalist about whether the CEO of PayPal keeps cryptocurrencies, Shulman said that he owns only bitcoins.