Mubasher: PayPal announced its withdrawal from Facebook’s digital currency Libra, as the cryptocurrency-based payments network project continued to face regulatory scrutiny worldwide, according to the Guardian.

“PayPal 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,” the company’s statement by was quoted by the newspaper.

“We strive to democratise access to financial services for underserved populations,” the digital payments giant added.

PayPal became the first company to drop out of the embattled Libra project.

This came after the Wall Street Journal (WSJ) last week reported that the social media company’s financial backers, including Mastercard and Visa, were considering to waver in their support.

The Libra Association, the set up to manage and develop the cryptocurrency, is supported by 27 multinational companies and non-profit organisations, each of which pledged $10 million into a common pot to sign in.

“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future,” PayPal said.