PayPal withdraws from Facebook’s cryptocurrency project Libra

PayPal has decided to withdraw from Facebook-backed cryptocurrency initiative Libra, the company said on Friday, dealing a blow to the social-media giant’s efforts to build an alternative payment system.
“PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities,” The New York Times reported Amanda Coffee, a spokeswoman for PayPal, as saying.
Libra, which was announced by Fa…

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