PayPal withdraws support for Facebook’s Libra cryptocurrency PayPal has decided to withdraw from the Libra Association, the 28-member nonprofit organization formed in June 2019 to oversee the cryptocurrency’s creation and eventual consumer rollout. The company doesn’t cite a specific reason, saying only in a statement to The Verge that it decided “to forgo further participation…

International outcry is mounting over Libra — with central banks and governments railing against Facebook’s upstart cryptocurrency and questions over how it would be regulated. “It requires a certain boldness and fortitude to take on an endeavor as ambitious as Libra — a generational opportunity to get things right and improve financial inclusion,” association head…

Payments company becomes first to withdraw from controversial digital project.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. Libra is technically an association backed by 28 – now 27 – multinational companies and nonprofits, although Facebook takes the…

Tweet Photo: Sean Gallup, Getty A few days after the Wall Street Journal reported that a few corporate supporters of Facebook’s cryptocurrency were considering bowing out of its so-called “crypto mafia”, PayPal became the first to do so Friday, announcing that it will no longer participate in the Libra Association. “PayPal has made the decision…

Regulatory Scrutiny Exposes Crypto Oversight Challenges Law360 October 4, 2019 In the last few months, Congress has increasingly focused on the regulatory framework around wider consumer use of cryptocurrencies for payments — notably holding a pair of high-profile hearings in mid-July around the proposed Libra cryptocurrency.In particular, the U.S.House Committee on Financial Services held a…

Technology companies from phone-maker Samsung to micro-blogging platform Twitter have taken a keen interest in bitcoin and cryptocurrency this year, sending the bitcoin price soaring .Facebook, the world’s largest social media network that includes messaging app WhatsApp and image-based Instagram, is scrambling to make its June 2020 launch date for its bitcoin rival libra against…

News for 2019-10-04 PayPal Bails on Facebook-Led Libra Cryptocurrency Dream (Bloomberg) — PayPal Holdings Inc.pulled out of the Libra Association, a blow to Facebook Inc.’s efforts to develop a digital currency.“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…

Facebook’s Libra cryptocurrency project has lost its first major ally. PayPal — where the head of Facebook’s Libra project once served as president — has cut its ties.As a founding member, PayPal was expected to drive the payment-specific part of the cryptocurrency initiative. Amid an almost constant stream of regulatory and political pressure, one of…