Payments giant PayPal announced a surprising and shocking decision at the same time for the supporters of the “Libra” currency, which is supervised by Facebook.

The decision is to withdraw from the Libra Association, which currently consists of 28 members, which was formed last June to oversee the new cryptocurrency.

The announcement of the decision was not accompanied by an explanation of the reasons for the withdrawal, as the statement of the withdrawal of “Paypal” stated the following:

Currently, we will forego participation in the Libra Association and continue to focus on advancing our work priorities of striving to democratize access to financial services for disadvantaged populations.

The statement continued as follows:

Read:Binance Platform Report: The Cryptocurrency Market Has Reached the Bottom!

“We continue to support the aspirations of Libra and look forward to continuing our dialogue on ways to work together in the future. Facebook has been a valuable strategic partner for PayPal. We will continue to partner with Facebook and support it in its various projects.

As for the reason for the withdrawal, according to a report published by the newspaper financial times Yesterday, PayPal backed down and started to distance itself after noticing increased regulatory scrutiny around Libra.

According to the same source, PayPal has reacted negatively to the negative way currency-based executives have dealt with the violent regulatory response to Libra, and money laundering activity is a major concern for PayPal.

According to the site “the edgeA statement was presented by Dante desparts, Head of Usage and Communications Policy at the Libra Association, that the new currency aims to build a new payment network across generations.

It was also mentioned that the next meeting of the Assembly will be on 14 October in the capital, Geneva.

Facebook’s communications team responded to PayPal’s withdrawal, criticizing its inability to persevere in the face of difficulties in order to realize the project and vision of the “Libra” currency.

Read:Cryptocurrency exchange KuCoin launches a decentralized crypto wallet…Details here

And in the response:

It takes some guts and fortitude to carry out an ambitious mission like Libra, which is a generational opportunity to fix things and improve financial inclusion.

Finally, the impact of PayPal’s exit on the Libra currency cannot be denied.

As PayPal is considered one of the most powerful companies in the field of financial payment, it was also a major player in the currency association, accompanied by “MasterCard” and “Visa”.

Read also:

Learn: How Coinbase Became the World’s Largest Bitcoin Bank

Britain accuses Bitcoin exchange BitMEX of spreading misleading advertising