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PayPal leaves Facebook's Libra Association

Oct 05, 2019

California (USA) Oct 05: US digital payment processor PayPal has announced that it is dropping out of Facebook's digital currency project Libra.
Facebook plans to launch its cryptocurrency Libra, which people will be able to use for cross-border transactions, next year.
But some say the launch may take more time, as regulators are concerned about the management of personal information, and money laundering.
PayPal, which was one of the founding members of the Libra Association that manages Libra, made the announcement on Friday.
The company says it will focus on its own core businesses and make financial services more democratic.
It was thought that Libra would quickly penetrate the market, as more than 20 world-class companies are taking part in the association.
However, major credit card companies Mastercard and Visa are also reportedly reconsidering their participation in order not to hurt their relationships with regulatory authorities.
Observers say Facebook may be forced to reconsider its plan.
Source: NHK World