PayPal, the payment giant, announced that it will abandon its involvement in Facebook-sponsored digital currency project Libra.
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The payment giant is not playing, is there a future for Facebook’s digital currency?
Payment giant PayPal announced that it will abandon its participation in Facebook-sponsored digital currency project Libra. As a founding member of the Libra Association, PayPal’s exit is not a small blow to Facebook. It is unclear whether this event will bring a chain reaction, but according to media reports, Visa and Master are already considering whether to continue to participate in the Libra project.
Informed sources said that the main reason for PayPal’s withdrawal was that it would encounter illegal problems such as money laundering after the launch of Libra’s digital currency, and Facebook did not do well in eliminating external suspicions. At the hearing held in July this year, Mark Kus, head of the Facebook blockchain, said that Libra is not an anonymous digital currency, and users need to upload identity authentication files before using it. Even so, Libra continues to be questioned by regulators, and Swiss financial market regulators say Libra must accept Swiss money laundering reviews and related legal questions.
Additional…
Editor’s comment: From the current rebound of governments, Libra can be launched in the next year. And central banks are also considering issuing their own legal digital currency, which means…
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