PayPal, who was one of 28 corporate backers of the project, announced it is withdrawing from Facebook’s Libra Association, as the libra cryptocurrency continues to face harsh criticism from lawmakers and entrepreneurs.

PayPal, whose former president David Marcus leads the Libra project, said it is still supportive of Libra’s aspirations and that it will continue to partner with Facebook in the future, yet will not be participating in the cryptocurrency’s future development.

PayPal has made the decision 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 under-served populations.

Apple CEO Tim Cook spoke with the French newspaper Les Echos, characterizing Facebook’s plans to launch a cryptocurrency as a blatant power grab while shutting down any notion that Apple might be considering launching a digital currency of its own.

Before PayPal’s withdrawal, the Libra Association had been made up of 28 corporate backers, including Facebook, who are meant to help govern libra.

All founding members were expected to invest a minimum of $10 million to fund the operating costs of the association and launch an incentive program to drive adoption.

Facebook’s involvement caught the attention of senior congressional finance committee members, global regulators, former lawmakers and industry insiders who questioned the social media company’s motives.

Federal Reserve Chairman Jerome Powell said this summer that libra raises “serious concerns regarding privacy, money laundering, consumer protection, financial stability.

Sputnik / ABC Flash Point News 2019.

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