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Blocktempo.com reported that Visa, Mastercard, and PayPal are considering withdrawing from the Libra project. This morning, according to the Wall Street Journal report, the global payment giant PayPal has issued a statement today: officially withdraw from the Facebook Libra project.

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According to the Wall Street Journal, payment giant Paypal has officially decided to withdraw from Facebook's stable currency project Libra, becoming the first founding member of the Libra Association to withdraw from the project since its launch.

In a harsh statement, the Scorpio Association also stated that after the official withdrawal of PayPal on October 4, the association also expressed “Goodbye and good riddance!” to Paypal.

The Financial Times pointed out on the 3rd of this month that PayPal was among the 28 incumbents of the Libra project, the only company that did not participate in the key Libra meeting in Washington, and it was rumored that Paypal was interested in withdrawing from the Libra Association.

However, on Wednesday, the Wall Street Journal also named, and global payment giants Visa and Mastercard also hesitated to sign a contract with Libra.

It is rumored that these companies are considering withdrawing because they are worried about the rebound caused by Libra, which may affect their current business. In the Libra Association, Dante Disparte, who was in charge of communication, also said that it would be "not easy" to launch Libra when interviewed by foreign media.

PayPal officially announced its withdrawal from the Libra Association

According to the Decrypt news, Paypal has issued a statement this morning, which also stated:

We have decided not to further join the Libra Association at this time, and continue to focus on Paypal's existing mission and business focus, to strive for democratization, and to bring services to more people who are now unable to access modern financial services.

However, in the face of serious incidents in which important founding members have left, Facebook does not seem to be flustered, but there is no humiliation or vague response. Instead, it shows a stronger and firmer attitude and responds to questions.

Dante Disparte, head of policy and communications at the Libra Association, mentioned in an email to Modern Consensus:

An ambitious career like Libra (Libra) requires a certain amount of courage and perseverance.

Disparte believes that "Libra is an opportunity that has been passed down from generation to generation, he can make things right and improve financial inclusion," and because of this, he also warned that "this will be a long and challenging journey."

For members of the Libra Association, "Fulfilling this mission is more important than anything else."

That's why it's best to know who lacks commitment now, not to discover it later.

Disparte emphasizes.

The Liability and Future Concerns of Libra Currency Association

According to the definition of Libra white paper, Libra is led by Facebook, but the future of the overall network governance will be shared by the Libra Association to achieve the decentralization ideal.

In this association, there will be 100 members, including Facebook subsidiary Calibra, payment companies PayPal, VISA, MasterCard, Uber, etc., and the current members are also known as "Founding members."

Libra is a blockchain payment network, and the original currency Libra coin on the Internet, the reserve behind it is composed of five kinds of government currency. This new currency also makes the United States, France, Germany and other big countries uneasy, and believes that it will harm the existing monetary system.

Because of this, after the launch of Libra, Libra has been repeatedly inspected by national regulators. France and Germany have expressed their desire to ban Libra. The US Congress has repeatedly listened to Facebook in a number of public hearings. In the past few months, under the pressure from all countries, it has gradually caused the heartbeat and hesitation of many core members of the association.

Follow-up

According to a statement sent to The Block by a PayPal spokesperson, even though PayPal has decided to withdraw from the Libra Association, there is still no death for possible future cooperation.

PayPal mentioned in the statement "We still support Libra's wishes and hope to continue the dialogue on possible future cooperation methods."

Facebook has been a long-term strategic partner of PayPal and we will continue to work with and support Facebook in a variety of capacities.

Then, the Libra Association responded on Twitter, “We recognize that change is daunting, and every organization that embarks on this journey will have to evaluate Libra for risk and reward.”

The association also stated:
We look forward to the upcoming Libra Council meeting in 10 days and will share the latest developments.

Includes detailed information on the 1,500 groups that expressed enthusiastic participation.

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