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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

2 hours ago - World

World leaders react to "new dawn in America" under Biden administration

President Biden reacts delivers his inaugural address on the West Front of the U.S. Capitol on Wednesday. Photo: Alex Wong/Getty Images

World leaders have pledged to work with President Biden on issues including the COVID-19 pandemic and climate change, with many praising his move to begin the formal process for the U.S. to rejoin the Paris Climate Agreement.

The big picture: Several leaders noted the swift shift from former President Trump's "America First" policy to Biden's action to re-engage with the world and rebuild alliances.

Updated 5 hours ago - Politics & Policy

In photos: The Biden and Harris inauguration

President Biden and first lady Jill Biden watch a fireworks show on the National Mall from the Truman Balcony at the White House on Wednesday night. Photo: Chip Somodevilla/Getty Images

President Biden signed his first executive orders into law from the Oval Office on Wednesday evening after walking in a brief inaugural parade to the White House with first lady Jill Biden and members of their family. He was inaugurated with Vice President Kamala Harris at the U.S. Capitol on Wednesday morning.

Why it matters: Many of Biden's day one actions immediately reverse key Trump administration policies, including rejoining the Paris Agreement and the World Health Organization, launching a racial equity initiative and reversing the Muslim travel ban.

Republicans pledge to set aside differences and work with Biden

President Biden speaks to Sen. Mitch McConnell after being sworn in at the West Front of the U.S. Capitol on Wednesday. Photo: Erin Schaff-Pool/Getty Images

Several Republicans praised President Biden's calls for unity during his inaugural address on Wednesday and pledged to work together for the benefit of the American people.

Why it matters: The Democrats only have a slim majority in the Senate and Biden will likely need to work with the GOP to pass his legislative agenda.