20C
Delhi
Wednesday, January 27, 2021

PayPal no longer a part of Facebook’s Libra currency project

- Advertisement -

PayPal no longer a part of Facebook's Libra currency projectSan Francisco, Oct 5 (IANS) In a blow to Facebook’s plan to launch its digital currency Libra, PayPal has announced to withdraw from the Libra Association — the 28-member non-profit organisation formed by the social networking giant for the global roll out next year.

According to a report on The Verge on Friday, PayPal said it decided “to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations”.

Earlier media reports claimed that Visa, Mastercard and some other financial partners who signed on to support Libra were also reconsidering their involvement in the network.

READ ALSO:  WhatsApp set to roll out disappearing messages feature

PayPal, however, said it remains supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future”.

Despite PayPal moving out of the Libra project, Facebook reaffirmed its commitment to build “a generational payment network”.

“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,” Dante Disparte, the Libra Association’s head of policy and communications, was quoted as saying.

READ ALSO:  Apple dials accessibility as Indian developers empower all

US lawmakers recently attacked Facebook, calling it “delusional” and “dangerous”, directing the social networking giant to clean up its house first before launching a new business model.

Taking a dig at Facebook’s attempt to launch a digital currency called Libra next year, Apple CEO Tim Cook told French financial newspaper Les Echos this week that money must remain in the hands of states.

“I am not comfortable with the idea that a private group creates a competing currency. A private company does not have to seek to gain power in this way,” Cook was quoted as saying.

READ ALSO:  Domestic automobile sales declines by 19% in Feburary
India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India

YouTube paid $30B to creators, artists in last 3 years: CEO

New Delhi, Jan 27 (IANS) Google-owned YouTube has paid more than $30 billion to creators, artists, and media companies in the last three years,...

22 FIRs filed in Delhi tractor rally violence; 86 cops injured

New Delhi, Jan 27 (IANS) A total of 22 FIRs have been filed by the Delhi Police so far in connection with the violence...

Bilateral vaccine deals putting WHO-led Covax at risk: Tedros

Geneva, Jan 27 (IANS) The World Health Organization (WHO) warned on Tuesday that bilateral deals on Covid-19 vaccines between countries and companies are putting...

Farmers’ violence on R-Day a well-planned conspiracy: BJP

New Delhi, Jan 26 (IANS) The BJP on Tuesday said there was a well-planned conspiracy behind the farmers' tractor parade turning violent in the...