Libra, Facebook’s own crptocurrecy platform isn’t even released yet but it’s already facing serious challenges. Apart from Elizabeth Warren and a host of other US political elites who wants to break Facebook itself, others have been critical about how Facebook has gone to being a hungry monster.
One of it’s earlier adopters, PayPal would be withdrawing support which is really a crucial thing. Although there hasn’t been any official citation from PayPal as to why it’s decided to pull the plug off Libra’s back, but the company said in a statement that it remained supportive of the Libra’s aspiration and look on to dialogue over how both company could work out in the future.
“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities.”
Since it’s inception, Libra had been facing loads of backlashes from both government and even individuals citing a myriad of potential problems which could lead to supports for illegal activities as well as Facebook getting total control over everything you own including your money.
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Following these concerns, a recent report from the Financial Times (paywall) hinted that PayPal had started to distance itself from the project, and now it looks like they are finally out. Facebook had cautioned its investors that based on the amount of scrutiny they are under, there is a chance that Libra might not even get off the ground.