In blow to Facebook, PayPal pulls out of Libra cryptocurrency project

Get out while the getting's good.

That appears to be the thinking of PayPal, which today confirmed that it's bailing on the Facebook-created Libra Association. The supposedly nonprofit organization, which lists 29 "partners" on its website (soon to be 28) and aims to create a digital "global currency," has recently run afoul of U.S. lawmakers worried about — among other things — money laundering.

PayPal, it seems, wants nothing to do with that.

"PayPal has made the decision to forgo further participation in the Libra Association at this time," reads in part a PayPal statement emailed to Mashable. "We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future."

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Rumblings of discontent from Libra partners began emerging earlier this week, with Visa and Mastercard reportedly expressing reservations about the whole Facebook cryptocurrency thing.

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"We recognize that change is hard," reads a Libra statement posted to Twitter by CNET's Queenie Wong, "and that each organization that started this journey will have to make its own assessment of risks and rewards of being committed to seeing through the change that Libra promises."

SEE ALSO: Congressman implies Facebook's Libra is a 'shitcoin'

Clearly, PayPal saw more risk than reward.

Time will tell if Libra's other partners end up making the same call.

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