PayPal has rescinded its involvement with the libra association, becoming the first company of 28 to pull support from the cryptocurrency. The move comes after PayPal, which is owned by eBay, said it would no longer accept donations in bitcoin or litecoin, citing concerns about security and volatility. Mastercard and Visa are also reconsidering their position and have set a meeting with representatives from all companies for 14 October.
PayPal has rescinded its involvement with the libra association, becoming the first company of 28 to pull support from the cryptocurrency. Facebook has faced regulatory scrutiny from both the US and Europe due to concerns over the impact its crypto could have on national currencies and the potential for money laundering, with France proposing to block libra altogether. Mastercard and Visa are also reconsidering their position and have set a meeting with representatives from all companies for 14 October.