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PayPal to Withdraw from the Libra Association

Taking a dig at Facebook''s attempt to launch a digital currency called Libra next year, Apple CEO Tim Cook told French financial newspaper Les Echos this week that money must remain in the hands of states

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Paypal making online shopping simpler for India as a result of the recent push by the India government towards digitalizationP

In a blow to Facebook’s plan to launch its digital currency Libra, PayPal has announced to withdraw from the Libra Association — the 28-member non-profit organisation formed by the social networking giant for the global roll out next year.

According to a report on The Verge on Friday, PayPal said it decided “to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations”.

Earlier media reports claimed that Visa, Mastercard and some other financial partners who signed on to support Libra were also reconsidering their involvement in the network.

PayPal, however, said it remains supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future”.

Despite PayPal moving out of the Libra project, Facebook reaffirmed its commitment to build “a generational payment network”.

Paypal on digital devices.

“It requires a certain boldness and fortitude to take on an endeavour as ambitious as Libra — a generational opportunity to get things right and improve financial inclusion,” Dante Disparte, the Libra Association’s head of policy and communications, was quoted as saying.

US lawmakers recently attacked Facebook, calling it “delusional” and “dangerous”, directing the social networking giant to clean up its house first before launching a new business model.

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Taking a dig at Facebook’s attempt to launch a digital currency called Libra next year, Apple CEO Tim Cook told French financial newspaper Les Echos this week that money must remain in the hands of states.

“I am not comfortable with the idea that a private group creates a competing currency. A private company does not have to seek to gain power in this way,” Cook was quoted as saying. (IANS)

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Twitter Will Never Join Facebook’s Libra, Says CEO Jack Dorsey

Despite some top-notch firms pulling out, Facebook and 20 partner organisations have formally launched the digital currency Libra project

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Business, Twitter, Invest, Investment, Start-up, Kochi
A man reads tweets on his phone in front of a displayed Twitter logo. VOA

Microblogging site Twitter will never join Libra, CEO Jack Dorsey said at a company media event in New York City.

Dorsey replied with a conclusive “Hell no” to the question of its potential membership of the Fcebook-led crypto payments scheme, The Verge reported on Thursday.

He explained that Libra is not based on an open standard, born on the Internet.

“It’s not an internet open standard that was born on the Internet. It was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want our company to stand for,” said Dorsey.

Twitter CEO Jack Dorsey.
Twitter CEO Jack Dorsey.

Recently, a battery of US lawmakers bluntly told Facebook CEO Mark Zuckerberg in a hearing to address his existing failures first before launching the digital currency Libra.

In a six-hour grilling at a House Financial Services Committee hearing on Wednesday, both Democrat and Republican lawmakers expressed dissatisfaction with Facebook’s cryptocurrency plans.

Also Read: 20,000 Students of Chennai Corporation Start Health Awareness Drive

The hearing was focused on Libra, a cryptocurrency Facebook plans to launch in the first half of next year.

Despite some top-notch firms pulling out, Facebook and 20 partner organisations have formally launched the digital currency Libra project. (IANS)

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