PayPal to leave Libra Association

Online payment company PayPal announced that they will leave the Libra Association, the organisation behind Facebook’s cryptocurrency Libra. Announced as one of the first backers of Libra cryptocurrency, PayPa was a part of 28 global companies that forms Libra Association, governing body with headquarters in Geneva, Switzerland. PayPal announced that they will still support Facebook’s initiative but will focus more on their own development plans. In a statement regarding this announcement Libra said: ‘The type of change that will reconfigure the financial system to be tilted towards people, not the institutions serving them, will be hard. Commitment to that mission is more important to us than anything else. We’re better off knowing about this lack of commitment now, rather than later.’ The Libra Association announced on Twitter first Libra Council to be held on October 14, 2019 stating that ‘1,500 entities have indicated enthusiastic interest to participate.’