Paypal will not give its support to pound, the cryptocurrency of facebook

The arrival of Libra, Facebook's cryptocurrency, to the market is encountering more and more barriers. Central banks and governments around the world have been against it. In addition, there are several brand investigations currently. Companies that once supported the project are also questioning whether to continue doing so. PayPal is one of them.

PayPal will not give its support to Libra, the cryptocurrency of Facebook

In the case of the well-known payment platform, it is confirmed that they will not give their support to the cryptocurrency of the social network. A decision of importance to them.

Losing props

Therefore, PayPal has announced that they are withdrawing from the Libra Association, which is a group of companies that gave their support to this cryptocurrency and are going to form part of its board of directors. A major loss of support for Facebook, as PayPal is one of the most important and widely used payment platforms worldwide. Furthermore, they are not the only ones considering withdrawing their support.

A couple of days ago we told you that other companies like Visa or Mastercard could do the same. The decision they have made is not known at the moment, but the rumors increasingly indicate that they will withdraw their support for the cryptocurrency.

Problems for Facebook in the launch of this currency to the market. Since it seems that Libra is losing support over the days. Ongoing investigations and strong opposition from central banks and governments are also not helping much. So this story is nowhere near over.

CNBC source