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Facebook's cryptocurrency project Libra. Photo: Fabrice Coffrini/AFP/Getty Images

PayPal dropped out of Facebook's digital currency project Libra on Friday, the Wall Street Journal reports.

Why it matters: Facebook’s cryptocurrency plans have come under scrutiny from regulators across the globe. Now, some of its provisional partners appear to be having second thoughts.

Background: Earlier this week, the Wall Street Journal reported that Visa, MasterCard and others were reconsidering their positions in Libra, but Facebook still plans to forge ahead.

  • Representatives from the companies are scheduled to meet in Geneva on Oct. 14 to review a charter for a group called the Libra Association, a collection of more than 2 dozen backers, and appoint a board of directors.

The impact per WSJ: "Without a network of financial partners that could help transfer currencies into Libra and global retailers to accept it as a form of payment, Libra’s reach would be limited."

What they're saying:

David Marcus, Facebook executive leading the Libra effort and former president of PayPal, defended the cryptocurrency-based payments network on Wednesday in a Twitter thread, calling WSJ's initial reporting "BS":

"The tone of some of this reporting suggests angst, etc... I can tell you that we're very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront."

Dante Disparte, head of policy and communications for the Libra Association:

"We recognize that change is hard, 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."

PayPal: "We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities."

Go deeper: Facebook spoils the cryptocurrency party

Go deeper

Ben Geman, author of Generate
37 mins ago - Energy & Environment

Carbon emissions are roaring back from COVID-19

Expand chart
Data: IEA Global Energy Review 2021; Chart: Axios Visuals

Global energy-related carbon emissions will surge this year as coal, oil and natural gas consumption return from the pandemic that caused an unprecedented emissions decline, the International Energy Agency estimated Tuesday.

Why it matters: The projected rise of nearly 5% would be the largest since the "carbon intensive" recovery from the financial crisis over a decade ago, IEA said, putting emissions just below their 2019 peak.

59 mins ago - Axios Twin Cities

Jurors resume deliberations as the nation awaits Chauvin verdict

Protesters outside Hennepin County Government Center on the day of closing arguments. Photo: Christopher Mark Juhn/Anadolu Agency via Getty Images

Jurors in the Derek Chauvin trial resume deliberations Tuesday morning as the nation waits for a verdict.

The latest: The 12 jurors met behind closed doors for about three hours Monday before breaking for the night at 8pm.

John Frank, author of Denver
1 hour ago - Axios Denver

What national marijuana legalization would mean for Colorado

Illustration: Sarah Grillo/Axios

Colorado's cannabis industry is enjoying an era of prosperity as national attitudes toward marijuana become more relaxed.

Driving the news: 17 states have legalized recreational marijuana sales and pot enjoys its highest popularity ever with 68% of adults backing legalization, according to a recent Gallup poll.