PayPal Abandons Facebook-Backed Libra Cryptocurrency Group gadgets.ndtv.com

Pioneering digital payments firm PayPal on Friday said it is abandoning an alliance intended to oversee the Facebook-backed Libra cryptocurrency, which has come under attack by regulators.

"PayPal has made the decision to forgo further participation in the Libra Association at this time," the California-based company told AFP.

"We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the future."

International outcry is mounting over Libra — with central banks and governments railing against Facebook's upstart cryptocurrency and questions over how it would be regulated.

"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," association head of policy Dante Disparte said in response to an AFP inquiry.