HomeBanking & FinancePayPal Exits the Libra Facebook Support Group

PayPal Exits the Libra Facebook Support Group

PayPal's digital payment platform is reported to be leaving the entity that supports Facebook's cryptocurrency, the Libra Association.

PayPal’s digital payment platform is reported to be leaving the entity that supports Facebook’s cryptocurrency, the Libra Association.

PayPal said that they would cancel participation in the group, to refocus on their own core business.

“We continue to support the aspirations of Libra and hope to continue the dialogue on ways to work together in the future,” PayPal said in a statement, as reported by Reuters.

Responding to this, the Libra Association, based in Geneva, Switzerland, said if they were aware of the challenges ahead in their efforts to ‘reconfigure’ the financial system.

“Changes that will reconfigure the financial system to individuals, not institutions that serve them, will be difficult. Commitment to the mission is important to us. We are better aware of the reduced commitment to it now, than later,” the Libra Association said in a statement.

Meanwhile, Facebook declined to comment to Reuters. The social networking giant announced plans to launch the digital currency in June 2020 in partnership with other members of the Libra Association.

However, the project is having problems with a number of sceptical regulators around the world. Last week, Reuters reported that Facebook could push back the launch of Libra to address regulatory issues.

Earlier this month, the Wall Street Journal reported that Visa and Mastercard were also reconsidering their involvement in Libra.

France and Germany last month promised to block Libra from operating in Europe, and instead supported the development of a public cryptocurrency.

With the exit of PayPal, currently, the Libra Association has 28 members, including Uber, Lyft, and Spotify.

“We look forward to the first Libra Council meeting in the next 10 days, and will share the latest news after that, including details of 1,500 entities that have shown enthusiastic interest in participating,” the Libra Association said in a tweet on Twitter.

READ: 3 Facebook Cryptocurrency Supports Backing Down?

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