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PayPal Bails on Facebook-Led Libra Cryptocurrency Dream

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Photographer: David Paul Morris/Bloomberg
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PayPal Holdings Inc. pulled out of the Libra Association, a blow to Facebook Inc.’s efforts to develop a digital currency.

“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 as we strive to democratize access to financial services for underserved populations,” the payments company said in a statement emailed to Bloomberg News on Friday. A Facebook spokeswoman declined to comment.