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PayPal leaves Facebook digital currency association

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PayPal leaves Facebook digital currency association

WASHINGTON (Reuters) – US payment processor PayPal announced on Friday that it has left the Libra Association, a Facebook-led group that supports the creation of a global digital currency.

PayPal has said it will abandon any stake in the group and focus on its own core activities.

"We continue to support Libra's aspirations and look forward to continuing dialogue on ways we can work together in the future," the company said in a statement.

PayPal is the first financial industry organization to withdraw from the association after Bloomberg announced this month that PayPal was undecided about formally joining the cryptocurrency group.

"We look forward to the first Libra board meeting in the next 10 days and we will share news thereafter, including details of the 1,500 entities that indicated they have an enthusiastic interest in participating," wrote the Libra Association on Twitter.

Facebook announced plans to launch the digital currency in June 2020, in partnership with other members of the social networking association to run the project.

But the attempt to bring digital currencies to the general public has met with criticism from political and regulatory authorities around the globe. France and Germany have even stated that they will prevent the pound from operating in Europe.

(By Asks Schroeder and Neha Malara)

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