PayPal pulls out of Facebook's Libra cryptocurrency

Payments company becomes first to withdraw from controversial digital project

PayPal has become the first company to drop out of Facebook's Libra cryptocurrency, as the embattled project continues to face queries from regulators around the world.

Libra is technically an association backed by 28 - now 27 - multinational companies and nonprofits, although Facebook takes the lead, and a Facebook subsidiary, Calibra, is intended to be the main way consumers will interact with the project. Each of the companies involved had to pledge $10m (8m) into a common pot to join.