PayPal abandons Facebook-backed Libra cryptocurrency group

• No longer be part of an alliance intended to oversee the Facebook-backed Libra cryptocurrency.
• We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the future.

SAN FRANCISCO: Pioneering digital payments firm PayPal on Friday said it will no longer be part of 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 said in response to an AFP inquiry.

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