Blow To Facebook’s Cryptocurrency Mission, PayPal Announces Withdrawal From Libra Association

In a blow to Facebook's plan to launch its digital currency Libra, PayPal has announced to withdraw from the Libra Association which is a 28-member non-profit organisation formed by the social networking giant for the global roll out next year.

According to a report published by The Verge on Friday (4 October), PayPal said it decided to forgo further participation in the Libra Association at this time and to continue to focus on advancing its existing mission and business priorities as it strives to democratize access to financial services for underserved populations.

Earlier media reports claimed that Visa, Mastercard and some other financial partners who signed on to support Libra were also reconsidering their involvement in the network. Meanwhile it should be noted, despite PayPal moving out of the Libra project, Facebook reaffirmed its commitment to build "a generational payment network".

Lawmakers from the United States (US) had recently attacked Facebook, calling it's idea of launching a new currency 'delusional' and 'dangerous', directing the social networking giant to clean up its house first before launching a new business model.

(With inputs from IANS)