This archive report was first published on 7 October 2019.
Published on October 7, 2019, PayPal became the first company to exit Facebook's Libra cryptocurrency project, citing a focus on its current mission.
According to The Independent, Mastercard and Visa are also reconsidering their involvement in the project.
PayPal's decision to exit the Libra Association was announced in an email, which stated: "PayPal has 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."
Regulatory concerns have been a major issue for the Libra project, with policy-makers in the US and Europe questioning Facebook's intentions with its cryptocurrency venture.
French Finance Minister Bruno Le Maire referred to the cryptocurrency as a threat to monetary sovereignty, while UK MPs warned that Facebook was attempting to "turn itself into its own country."
Facebook has confirmed that it is working with legitimate interests through driving conversations on the value of the digital currency.
Co-Creator at Libra, David Marcus, tweeted: "I can tell you that we’re very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront."
Facebook and other Libra partners will meet later this month to appoint its first board of directors, and the platform will announce the official first wave of Libra Association members in the weeks to come.
