{"id":975,"date":"2020-04-10T10:51:13","date_gmt":"2020-04-10T10:51:13","guid":{"rendered":"http:\/\/demo6.aiwalls.com\/ipapps\/?p=975"},"modified":"2020-04-10T10:51:13","modified_gmt":"2020-04-10T10:51:13","slug":"paypal-abandons-facebook-backed-libra-cryptocurrency-group","status":"publish","type":"post","link":"https:\/\/www.txd9.com\/?p=975","title":{"rendered":"PayPal abandons Facebook-backed Libra cryptocurrency group"},"content":{"rendered":"

\"PayPal

\n PayPal said it will “forgo further participation” in the Libra Association
\n <\/figcaption>

Pioneering digital payments firm PayPal on Friday said it will no longer be part of an alliance intended to oversee the Facebook-backed Libra cryptocurrency, which has come under attack by regulators.<\/p>\n

<\/p>\n

“PayPal has made the decision to forgo further participation in the Libra Association at this time,” the California-based company told AFP.<\/p>\n

“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future.”<\/p>\n

International outcry is mounting over Libra\u2014with central banks, governments and regulators railing against Facebook’s upstart cryptocurrency and questions over how it would be regulated.<\/p>\n

The social media giant unveiled plans in June for Libra\u2014which will roll out in 2020\u2014to be backed by a basket of currency assets to avoid the wild swings of Bitcoin and other virtual units.<\/p>\n

The nonprofit Libra Association, based in Geneva, will oversee the blockchain-based coin, maintaining a real-world asset reserve to keep its value stable.<\/p>\n

Facebook envisioned Libra as a new global cryptocurrency, pledging to deliver a stable virtual money that lives on smartphones and could bring over a billion “unbanked” people into the financial system.<\/p>\n

Hundreds of billions of dollars are transferred annually between migrants to friends and family in their home countries, and PayPal is a player in that sector.<\/p>\n

Mastercard, Visa and other financial partners enlisted to oversee Facebook-backed cryptocurrency Libra are reported to be having second thoughts as regulators unleash ire on the project and dig for information from members of the association.<\/p>\n

Visa chief executive Alfred Kelly in an interview in August with CNBC said the company had signed a non-binding letter of intent with the association but was “not a member of anything.”<\/p>\n

Kelly went on to say Visa would not join the association if it isn’t satisfied when it comes to complying with regulations.<\/p>\n

The head of the Libra Association said last week that the project’s leaders aimed to “reassure” regulators worried about the virtual money. <\/p>\n

Besides Facebook, Visa and MasterCard, backers of Libra include ride-hailing apps Lyft and Uber.<\/p>\n

In leaked comments from a meeting of Facebook employees in July, Facebook chief executive Mark Zuckerberg said he remained optimistic for Libra despite harsh comments from public officials in several countries.<\/p>\n

“The public things, I think, tend to be a little more dramatic,” he said.<\/p>\n

“But a bigger part of it is private engagement with regulators around the world, and those, I think, often, are more substantive and less dramatic… That’s where a lot of the discussions and details get hashed out on things.”<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

PayPal said it will “forgo further participation” in the Libra Association Pioneering digital payments firm PayPal on Friday said it will no longer be part<\/p>\n","protected":false},"author":1,"featured_media":976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[599,596,342,597,598],"class_list":["post-975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-apps","tag-abandons","tag-backed","tag-facebook","tag-libra","tag-paypal"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.txd9.com\/index.php?rest_route=\/wp\/v2\/posts\/975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.txd9.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.txd9.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.txd9.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.txd9.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=975"}],"version-history":[{"count":0,"href":"https:\/\/www.txd9.com\/index.php?rest_route=\/wp\/v2\/posts\/975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.txd9.com\/index.php?rest_route=\/wp\/v2\/media\/976"}],"wp:attachment":[{"href":"https:\/\/www.txd9.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.txd9.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.txd9.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}