PayPal is no longer a part of Facebook’s Libra Association

After its announcement Facebook’s cryptocurrency, Libra was getting a lot of opposition from the government and now the Libra Association is facing another major stroke which may potentially affect its launch in 2020.

One of the major backers, PayPal announced Friday that the company is now decided to withdraw support for nonprofit governing Facebook’s cryptocurrency project, Libra.

According to various reports, PayPal stated that the company made the decision to forgo further participation in the Libra Association at this time and concentrate on their existing mission and business priorities. PayPal said it is still “supportive of Libra’s aspirations” and that it will continue to partner with Facebook in the future.

Dante Disparte, head of policy and communications for the Libra Association, in his statement, said that “We recognize that change is hard, and that each organization that started this journey will have to make its own assessment of risks and rewards of being committed to seeing through the change that Libra promises.”

PayPal was one of the 28 corporate backers of the project. Some reports also say that not only PayPal, other backers like Visa, Mastercard, and “other financial partners that signed on to help build and maintain the Libra payments network” are now reconsidering whether they should remain involved.

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