ADVERTISEMENT

PayPal steps back from Facebook’s Libra Cryptocurrency
P

PayPal becomes the first firm to drop out of the Libra Association, leaving 28 members, including Uber, Spotify, Lyft, among others. Further, Mastercard, one of the founding members of Libra, considers launching its cryptocurrency- altcoin.

US payments giant PayPal Holdings Inc on Friday announced that it would be dropping Libra Association, the entity managing the Facebook-led effort to build global virtual currency Libra, making it the first member to quit the group of 29, including Uber Technologies Inc, Lyft Inc and Spotify Technologies. 

Paypal said in a statement that they remain supportive of Libra’s aspirations and look forward to a continued dialogue on ways to collaborate in the future. The payment giant added that it would be focusing on its core business and forgo participation in the group. 

Responding to PayPal’s exit, Facebook’s Libra Association stated that the type of change that will re-engineer the financial system to be leaned towards people, not the bodies serving them, would be tough. It added,

“Commitment to that mission is more important to us than anything else. We’re better off knowing about this lack of commitment now, rather than later.”

 

Declining backers- Visa & Mastercard

According to The Wall Street Journal, Mastercard has been considering to launch its cryptocurrency, altcoin. The move came as a surprise last week, as Mastercard is one of the founding members of the Libra Association that plans to launch the digital asset next year. 

Furthermore, being vigilant of attracting regulatory scrutiny, executives of some of Libra’s existing backers have denied facebook’s requests to support the project publicly. Mastercard Inc, Visa Inc and other financial partners that signed on to help build and maintain the Libra payments network have been reconsidering their association following a backlash from US and European government officials. 

 

RBI & IAMAI clash- crypto in India

The IAMAI or Internet and Mobile Association of India told the apex court last month that the RBI had banned cryptocurrency, including Bitcoin, on moral grounds. It said that no research was conducted by the banking regulator before the ban to analyze if the digital currencies were unsafe.

The IAMAI stated that while the base technology called blockchain wasn’t in question, a total ban on crypto was uncalled for. The Reserve Bank of India has now been asked to respond to the issues raised by crypto exchanges within two weeks of SC, about the prohibition on cryptocurrency.

+ posts

A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Saumya Uniyal
Saumya Uniyal
A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Leave A Reply

Please enter your comment!
Please enter your name here

related stories

content writing

AI Will Disrupt the Content Marketing Space in 2022 & Beyond

0
Artificial intelligence has taken over almost every aspect of communication, from Google Assistant answering our vocalized questions to Alexa recommending products based on our...
fintech

Evolution of Fintech, Traditional Banking, and Their Collective Impact

0
Today, Fintech has become a household name, yet still a brand new term for several others. Fintechs are largely technology and financial expertise businesses that...
Indian rupee

Indian Rupee is Declining; Here is Everything You Need to Know!

0
Indian rupee ended 2021 at almost 20 months low and as the worst-performing currency in Asia (1). Yes, it is good for exporters as...
purple cow theory

Purple Cow Theory: Businesses Find Success When Remarkable

0
Imagine you are an investor or even one of the sharks in the new Shark Tank India show. You are listening to several pitches;...
trends 2022

Latest Business Trends, Opportunities, and Lessons

0
The shift in Consumer Behaviour in 2022 Consumer behavior and expectations have shifted dramatically in the last 18 months. According to the latest report by...

Prop Tech Will Drive the Future of Real Estate in 2022

0
The year 2020 was pivotal with the coronavirus pandemic accelerating technology adoption in the real estate industry. The phenomenon is similar to how the...
startup trends

ESG Goals, Social Innovation, and Startup Trends That are Here to Stay!

0
2022 has brought a renewed focus on environmental, social, and governance impacts of businesses worldwide, as we have discussed in our previous article, The Disastrous...
climate change

The Disastrous Effects of Climate Change on Your Business

0
The world is at a watershed moment when it comes to climate change. The 2021 report from Deloitte Global on Climate Check indicates that...
ADVERTISEMENT