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PayPal to exit Facebook's Libra Association first

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U.S. payments processor PayPal Holdings Inc (PYPL.O) said on Friday it was leaving Libra Association, the entity managing the Facebook-led effort to build global digital currency Libra, making it the first member to exit the group.

Axar.az reports citing foreign media that PayPal said it would forgo any further participation in the group and would instead focus on its own core businesses.

“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future,” PayPal said in a statement.

In response, the Geneva-based Libra Association said it was aware of the challenges lying ahead in its attempts to “reconfigure” the financial system.

Visa (V.N) and Mastercard Inc (MA.N) are also reconsidering their involvement in Libra as they do not want to attract regulatory scrutiny, the Wall Street Journal reported earlier this month.

Date
2019.10.05 / 11:32
Author
Axar.az
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