Payment processor PayPal has officially left the Libra Association, the governing body of Facebook’s Libra digital currency.
Libra “Pre-work” is not enough for PayPal
As news agency Financial Times reported on Oct. 3, PayPal did not attend a meeting of 28 Libra backers on Thursday.
Following the payment provider’s no-show, a spokesperson for the firm told Cointelegraph on Oct. 4 that it officially left the association, adding:
The developments come on the back of existing rumors that up to three more of those backers are also considering quitting their roles as future node operators. The Times quoted a person close to PayPal as saying:
Other key players reportedly wavering
As Coinworld360 reported on Oct. 2, the impetus behind similar worries for Visa, Mastercard and Stripe was ensuring Libra did not harm their relationships with regulators.
Libra has created controversy with lawmakers worldwide since its inception, with a common narrative revolving around the digital currency taking power over money away from governments.
Stripe subsequently denied it was considering a U-turn. Also this week, Libra developers outlined a roadmap for progress, revealing nodes were already testing communication with one another.