PayPal ceases supporting Facebook’s Libra
PayPal has withdrawn its pledged support from the planned Libra, a cryptocurrency that is currently being developed by Facebook. The project was with the support of an extensive number of corporate associates. In as much as it may appear to be a far-stretched effort, Facebook directors are envisioning a cryptocurrency being an innovative commercial framework that will not be governed by the influence of dealers in financial institutions.
The Libra project has been under development by Facebook for more than 12 months and the project was made public in June. The proposed cryptocurrency is intended to be liberally used for trade through the various platforms such as Whatsapp and Messenger, thus will function globally. Facebook had previously mentioned that over 27 corporate associates like PayPal Uber, Mastercard, etc. had promised to fund the project. Some of the corporate associates have started to become worried about the project and are taking a lot of precautions.
Politicians have aired their contradictory opinions to the projec as there’s evidence that Facebook didn’t get a lesson after its previous data confidentiality issues. Additionally, a number of those corporate associates that pledged to contribute to the project have hastily dissociated themselves from the project through agreeing to deals that they can easily fall out of in case they aren’t satisfied with its development. This was the assessment from a number of the companies that were interviewed in June by The New York Times magazine.
However, Facebook’s boss Mark Zuckerburg mentioned that he will not cease to dedicate his efforts to the realization of the Libra project although he added that the launch of the Libra coins will delay till a little later.