PayPal is withdrawing from Facebook’s cryptocurrency Libra

Even before the cryptocurrency is actually there, preparations are not going well with Libra. For example, there are many doubts about security and privacy and it receives a lot of criticism from financial regulators worldwide. It is also questionable whether Facebook’s cryptocurency is allowed on the market in Europe. Germany and France blame the lack of regulation and try to block entry into the European market.

PayPal is worried

PayPal has announced that it is currently leaving the Libra project completely. The company is worried about money laundering practices and has received doubts due to all the criticism of the crypto coin. A source told The Financial Times that PayPal may return at a later date. In the article we also read that Mastercard and Visa have reservations, but so far have not got out.