PayPal abandons Facebook-backed Libra cryptocurrency group

Pioneering digital payments firm PayPal has 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. “PayPal has made the decision to forgo further participation in the Libra Association at this time,” the California-based company said on October 4.

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

International outcry is mounting over Libra — with central banks, governments and regulators railing against Facebook’s upstart cryptocurrency and questions over how it would be regulated.

The social media giant unveiled plans in June for Libra — which will roll out in 2020 — to be backed by a basket of currency assets to avoid the wild swings of Bitcoin and other virtual units.

The nonprofit Libra Association, based in Geneva, will oversee the blockchain-based coin, maintaining a real-world asset reserve…