Cryptocurrencies

PayPal payment system left the Facebook project on launching Libra cryptocurrency

According to media reports, Visa and Mastercard also thought about leaving the social network project presented in June.

Representatives of the PayPal payment system announced the withdrawal from the Facebook project to launch the Libra sub-currency. The company explained the decision with a desire to focus on its own projects and tasks. But, according to media reports, PayPal is concerned that American regulators have questions about the Libra project.

Earlier, The Wall Street Journal reported that Visa, Mastercard and other companies were thinking about quitting the Facebook cryptocurrency project. Initially, Libra was publicly supported by dozens of companies that joined the managing consortium. According to WSJ, the companies demanded an explanation from Facebook: what measures are being taken to prevent Libra from being used to launder money and support terrorism. But the social network allegedly avoided a clear answer.

Facebook introduced the Libra cryptocurrency and the Calibra digital wallet in June. Before the release of PayPal, the company planned to launch the project in the first half of 2020.

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