PayPal Abandons Facebook Libra

Ever since Facebook revealed its intention to launch its own crypto currency, Libra, it has encountered a great deal of resistance from world governments on both sides of the Atlantic Ocean. And the pressure exerted on the company began to manifest through the abandonment of the project of a quite important player.

PayPal announces that it has left the Libra Association and will no longer have any involvement in the development of the crypto-currency or its use. When leaving, PayPal announced its support for Libra's aspirations and that it will continue the dialogue to collaborate in the future, but prefers to focus on its own businesses. Libra Association was pleased with the fact that it received this notification now, not later, when it would have caused bigger problems.

For several days the news has been circulating in the press that the main supporters of the project, on the payment processing side, are beginning to feel somewhat under the hammer, and prefer not to have problems with the various government entities that will take Libra for small money. This news was true in the case of PayPal, but so far Visa and Mastercard have not officially announced anything about abandoning the project.

This month the first Libra Council meeting will be held, where a few elements will be developed to guide the future of the project. After this event we will undoubtedly see a reaction from the entities that oppose the idea. Among its main opponents are France and Germany, which promised to block the use of crypto-currency in Europe, as it would threaten the monetary sovereignty of nations.