PayPal Pulls out of Facebook's Libra Cryptocurrency


PayPal has become the first company to drop out of Facebook’s Libra cryptocurrency, as the embattled project continues to face queries from regulators around the world. PayPal did not give a reason for leaving the project. It said in a statement:

“PayPal has made the decision to forgo further participation in the Libra association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratise access to financial services for underserved populations.

PayPal is not the only company thought to be having second thoughts about involvement. A Wall Street Journal report last week named Mastercard and Visa as companies reconsidering their position before a meeting on 14 October with representatives from the companies involved.

Libra has been under increasing scrutiny from regulators, particularly in Washington and Brussels, where the project is seen as an attempt to bypass rules on topics ranging from money laundering to tax evasion.