Mumbai: The world's ambitious tech company Facebook's ambitious plan to launch digital currency has been halted. Facebook was looking to launch a digital currency called Libra. US giant payment processing company PayPal has announced its exit from the Libra Association. Facebook is responsible for launching this digital currency on the 29-member Libra Association, which is part of a majority of American companies. PayPal became the first company to exit, and since its exit, the association now has 28 members.

In a statement, Paypal said it would focus on its core business and would not have any involvement with Libra. The company, however, said that it remains positive about Libra's ambitions and looks forward to negotiating ways to work with it in the future. Earlier, veteran members of the Libra Association such as Visa and MasterCard had also indicated that they were reconsidering their affiliation to Libra. The main reason is that financial regulators around the world have used a digital currency like Libra to control the entire banking system. It has talked about the negative impact. Many regulators have criticized the digital currency like the Libra. In such a situation, companies do not want to have any impact on their own business worldwide.

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