PayPal May Ditch Facebook's Libra Over 'Regulatory Scrutiny': Report

Payment processor PayPal has sparked fresh concerns that it has cold feet about joining Facebook's Libra digital currency.

Libra "Pre-work" is not enough for PayPal.

As news agency Financial Times reported on Oct. 3, PayPal did not attend a meeting of 28 Libra backers on Thursday.

The developments come on the back of existing rumors that up to three more of those backers are also considering quitting their roles as future node operators.

"It doesn't seem that there was a lot of pre-work done with regulators. [Payments] companies don't want that to bleed into their businesses."

As Cointelegraph reported on Oct. 2, the impetus behind similar worries for Visa, Mastercard and Stripe was ensuring Libra did not harm their relationships with regulators.

Libra has created controversy with lawmakers worldwide since its inception, with a common narrative revolving around the digital currency taking power over money away from governments.

Stripe subsequently denied it was considering a U-turn.

Libra developers outlined a roadmap for progress, revealing nodes were already testing communication with one another.