Blow To Facebook’s Cryptocurrency Mission, PayPal Announces Withdrawal From Libra AssociationLibra logo. (via Twitter) 

In a blow to Facebook's plan to launch its digital currency Libra, PayPal has announced to withdraw from the Libra Association which is a 28-member non-profit organisation formed by the social networking giant for the global roll out next year.

According to a report published by The Verge on Friday (4 October), PayPal said it decided to forgo further participation in the Libra Association at this time and to continue to focus on advancing its existing mission and business priorities as it strives to democratize access to financial services for underserved populations.

Earlier media reports claimed that Visa, Mastercard and some other financial partners who signed on to support Libra were also reconsidering their involvement in the network. Meanwhile it should be noted, despite PayPal moving out of the Libra project, Facebook reaffirmed its commitment to build "a generational payment network".

Lawmakers from the United States (US) had recently attacked Facebook, calling it's idea of launching a new currency 'delusional' and 'dangerous', directing the social networking giant to clean up its house first before launching a new business model.

(With inputs from IANS)

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement