Wed. Aug 12th, 2020

PayPal announces to exit Facebook’ Libra virtual currency project

1 min read

PayPal, a payment giant dedicated to global transactions and transfers, originally served as a full member of Libra virtual currency project and participated in the construction of Libra. However, after the official announcement of the Libra project, PayPal has reviewed the attention of regulators in many countries and regions. Obviously, such cross-border transactions need to face regulatory difficulties.

Libra cryptocurrency

Facebook hopes to make cross-border payments and settlements more convenient through Libra projects and blockchain technology, while regulators are more concerned with potential money laundering issues. Paypal, the first official member of Libra, has been announced to withdraw from the Libra.

PayPal has decided to abandon its participation in the Libra Association at this time, and PayPal will continue to work hard to provide ordinary people with more convenient and better financial services. PayPal will also continue to advance its existing mission and business focus. Simply put, it will continue to maintain its original business and development direction, and of course, will comply with legal requirements.

To this end, the Libra project policy and communications leader issued a statement saying that the association has recognized that the financial sector is very huge and has many problems. Organizations involved in the Libra project must also face their own risks and assess their own returns. Only when they are balanced can they participate in the construction of Libra.

Via: Reuters