PayPal becomes the first to exit Facebook’s Libra Association


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PayPal becomes the first to exit Facebook’s Libra Association

On Friday, the 4th of October 2019, US-based multinational payment processor, PayPal Holdings Inc., headquartered in San Jose, CA, issued a statement saying that the Nasdaq-listed publicly-traded multinational payment processing company with more than 21,800 employees across the globe, had decided to leave Facebook Inc.’s digital currency project, Libra Association, remarking the first payment processor to exit the Group amid growing scrutiny from financial policymakers across the world.

Meanwhile, adding that the PayPal Holdings Group Inc.’s management board had decided against joining the Libra Association, accountable for overseeing the management of Facebook Inc.’s much-debated digital currency Libra, PayPal said in a statement late on Friday (October 4th), “We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future.

” As an aftermath, adding that the company was well-aware of the challenges lying ahead to “reconfigure” the global financial system, Geneva-based Libra Association said shortly after the PayPal statement late on Friday (October 4th), “The type of change that will reconfigure the financial system to be tilted towards people, not the institutions serving them, will be hard.

Commitment to that mission is more important to us than anything else. We’re better off knowing about this lack of commitment now, rather than later. ” Further into the bid, US-based multinational credit card issuer and payment processor, Visa Inc.

alongside Mastercard Inc., had also been reconsidering their involvement in Facebook Inc.’s Libra amid growing regulatory scrutiny, a Wall Street Journal report revealed later this week.