{"id":400559,"date":"2019-10-05T06:00:52","date_gmt":"2019-10-05T06:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=400559"},"modified":"2019-10-05T05:36:58","modified_gmt":"2019-10-05T05:36:58","slug":"coinbase-ceo-us-should-reconsider-ridiculous-stance-on-libra-as-project-partners-jump-ship","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/coinbase-ceo-us-should-reconsider-ridiculous-stance-on-libra-as-project-partners-jump-ship\/","title":{"rendered":"Coinbase CEO: US Should Reconsider Ridiculous Stance on Libra as Project Partners Jump Ship"},"content":{"rendered":"
Facebook\u2019s ambitious crypto project Libra is running out of steam as it gets hounded by regulators and governments around the world. The social media giant was dealt another blow yesterday when major project partner PayPal announced that it was jumping ship, but the Coinbase boss thinks the US should reconsider its negative stance.<\/p>\n
One of Calibra\u2019s founding partners has become the first company to officially quit Facebook\u2019s crypto project. The online payments giant announced yesterday that it would \u2018forgo further participation\u2019 in the Libra Association, the 28 member consortium that will control the digital currency.<\/p>\n
Facebook sought to form the conglomerate to diffuse accusations that it would grow too powerful if it alone controlled the Libra currency. Following weeks of regulatory pressure, consortium members have been reluctant to further endorse the project according to reports<\/a>.<\/p>\n PayPal\u2019s departure could be the catalyst for others to follow leaving Zuckerberg to bail out the flailing digital ship on his own. The move is particularly painful due to the ties between the two companies. Libra head David Marcus once managed PayPal so the sting will be harsher. A company spokesperson said;<\/p>\n \u201cPayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratise access to financial services for underserved populations,\u201d<\/p><\/blockquote>\n