PayPal pulls out from Facebook’s Libra digital currency project

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PayPal is pulling out of the Facebook-led Libra project, in a major blow to the social media platform’s plans to launch a global digital currency.

FT reports that the payments company said in a statement on Friday that it had “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”.

The decision raises questions about the future of the project, which is being steered by David Marcus, a Facebook executive who was previously PayPal’s president, and which has raised concerns among regulators.

via Financial Times

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