Paypal Drops Out Of Libra Association As Future Looks Bleak For Facebook’s Digital Currency

Add to that Apple CEO Tim Cook’s latest comments, and you can’t help but to wonder if Libra will even see the light of day

Facebook’s attempt at getting their Libra cryptocurrency up and running has hit another snag with Paypal withdrawing their support for the Facebook led Libra Association. First announced early this year, Libra has come under intense scrutiny in recent months as organizations and prominent figures balk at the notion of a corporate-controlled currency.

Countries such as France and Germany have outright banned the currency altogether, saying in a statement that “no private entity can claim monetary power, which is inherent to the sovereignty of nations.” Add to that the concerns of everyone’s favourite shark, Mark Cuban, who referred to the digital currency “dangerous” and recently, Apple’s Tim Cook who labelled the Facebook’s ambitions of building next-generation blockchain technology and helping people in developing countries gain access to banking services as a power grab.

“No. I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency,”

“A private company shouldn’t be looking to gain power this way.”

Tim Cook, CEO of Apple speaking to Les Echos

With Tim Cook’s comments being published just prior to Paypal’s withdrawal announcement, it’s been a tough week for Libra. While Paypal’s withdrawal is unrelated to Tim Cook’s comments, the future of Libra looks extremely bleak.

To be fair, the naysayers have a point. Imagine giving Facebook that sort of influence in your daily life, from paying for goods to managing digital funds, and the sending and receiving of money across international borders. The company already has a shockingly poor privacy track record.

Will Libra ever see the light of day? Only time will tell. And if so, would you guys actually use it?

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