PayPal backs down from Facebooks Libra project

Monday 7 October 2019 11:44 CET | News

PayPal has announced on Friday, 4 October, that the company is withdrawing from the Libra Association.

A spokesperson of the company told CoinDesk in a statement that they ‘made the decision to forgo further participation’ in the Facebook-initiated crypto project, and instead to continue focusing on advancing their ‘existing mission and business priorities’ in their intent to ‘strive to democratise access to financial services for underserved populations’.

Facebook revealed Libra in June 2019, announcing that it would launch a stablecoin meant to bring financial services to unbanked individuals worldwide. The project was met with immediate regulatory backlash, and with policymakers in multiple countries claiming that Facebook might run the risk of destabilising the global monetary order. However, PayPal remains supportive of Libra’s aspirations, as Facebook has been a longstanding strategic partner to PayPal.

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Keywords: PayPal, Facebook, Libra, cryptocurrency, digital assets, financial services, stablecoin, regulations, policymakers, risks, partnership
Countries: World