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PayPal First to Drop Out of Facebook Cryptocurrency (Libra)

Payment company PayPal has become the first company to come out of the alliance to try to start up the digital currency Libra. PayPal made the announcement in a statement on Friday but did not specify what prompted the decision. Libra and digital wallet Calibra disclosed by Facebook in June. But cryptocurrency has been criticized by regulators, and both France and Germany have pledged to block it from Europe.

PayPal said that "remain to support the aspirations of Libra" but has chosen to focus on its own core business. The company is one of the original members of the Libra Association, a group of 28 companies and non-profit to help develop Libra. Its other members include payment companies Visa, up-call app Uber, and humanitarian charity Mercy Corps. In response to the withdrawal of PayPal, Libra Association said it was aware that efforts to "reconfigure the financial system" will be difficult.

"Commitment to the mission is more important to us than anything else," he said in a statement. "We better find out about the lack of commitment now."

Facebook boss Mark Zuckerberg has been criticized because of the record companies on data protection. At the opening of this year, Facebook said people will be able to make payments with currency through their own applications, as well as the messaging service WhatsApp. partner companies will also be able to receive Libra for the transaction.

Facebook said the Libra will be independently managed and backed by real assets, and that it will be as easy as paying with SMS. But there are concerns about how money and community data will be protected, as well as over the potential volatility of the currency.

US Treasury Chief Warning Over Facebook Libra

Carney provides currency Facebook cautiously welcomed. Group of Seven developed countries warned in July that he would not let Libra continue until all regulatory concerns have been addressed. Heads of central banks, including Britain's Mark Carney, also voiced skepticism, and US President Donald Trump has tweeted he was "not a fan" of the currency. Libra Association will hold the first meeting of the governing body - the Board of Libra - on 14 October. The group said in a tweet that he plans to share the update immediately afterward about "1,500 entities have shown interest to participate enthusiastically".

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