PayPal abandons Facebook-backed Libra cryptocurrency group, World News

Pioneering digital payments firm PayPal on Friday said it is abandoning 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 told AFP.

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

The 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 endeavour as ambitious as Libra — a generational opportunity to get things right and improve financial inclusion,” association head of policy Dante Disparte said in response to an AFP inquiry.

“The journey will be long and challenging. We’re better off knowing…