Libra

[eddieb]

Paypal has withdrawn from the Facebook digital currency,  Libra,  although it has not given any reasons.
The currency has faced opposition in Europe,  with France and Germany both saying they would oppose it use.

[Kaitsu]

"PayPal was initially part of 28 companies in the Libra Association U.S. payments processor PayPal announced Friday it was withdrawing from the Libra Association, a Facebook-led effort to build a global digital currency.
In a statement, PayPal said it would forgo any further participation in the group, saying instead it would focus on its own core businesses.
With PayPal's departure, Facebook has partnerships with 27 other companies to create the cryptocurrency.

Isn't there something very familiar in all this? Hope this doesn't drag on for 3yrs as well! 

[eddieb]

Took me a minute to get it 
Librexit, Pexit, I got there in the end

[Kaitsu]

Took me a minute to get it 
Librexit, Pexit, I got there in the end

I didn't find any other reasons given either, but it is a curious move, suggesting a lack of confidence in its successful development as a means of payment.

[Kim]

I just think there’s something inherently wrong in having a private company running a currency. It also crossed my mind that Facebooks move towards end -to-end encryption might be connected to Libra as well, giving anonymity to users

[Kaitsu]

I just think there’s something inherently wrong in having a private company running a currency. It also crossed my mind that Facebooks move towards end -to-end encryption might be connected to Libra as well, giving anonymity to users

Good points, Kim, I share your concerns. Also, in general, what is the value of any digital currency actually based on and who controls the volumes injected into the market.

[eddieb]

Now Mastercard,  Visa, and ebay have pulled out of Libra
https://www.bbc.co.uk/news/technology-50023008

[Kaitsu]

Now Mastercard,  Visa, and ebay have pulled out of Libra
https://www.bbc.co.uk/news/technology-50023008

They clearly know something........!

[Kim]

It is beginning to look less likely that this idea will get off the ground.
I can't pretend that I am disappointed or surprised,  Facebook have way too much power and this would give them even more information on every user

[Caesar]

It certainly isn't looking good
https://www.ft.com/content/fc7b4b94-e522-11e9-b112-9624ec9edc59
But, will Zuck back down?  He has already shown that he isn't afraid to take on anyone who gets in his way.

[Caesar]

ECB announcement further dampens Libra hopes:

“The G7 believes that no global stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks” are addressed, said the task force, chaired by European Central Bank board member Benoit Coeure.

“Private sector entities that design stablecoin arrangements are expected to address a wide array of legal, regulatory and oversight challenges and risks,” the report added.

The report underscores concern among global policymakers about stablecoins such as Libra, and presents a further headache for Facebook’s project after a chastening week.

In response, the Libra Association that backs the cryptocurrency effort said it was committed to working with regulators.

Libra was designed to respect national sovereignty over monetary policy, as well as rules against money laundering and other efforts to stop illicit finances, it said in a statement.

“Libra is being designed to work with existing regulatory institutions and apply the protections they provide to the digital world - not disrupt, or undermine, them,” it said.