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(Adds background, company's response,)
WASHINGTON, Oct 4 (Reuters) - U.S. payments processor PayPal Holdings Inc announced Friday it was withdrawing from the Libra Association, a Facebook-led effort to build a global digital currency.
PayPal said it would forgo any further participation in the group, saying instead it would focus on its own core businesses.
"We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the future," the company said in a statement.
PayPal is the first financial backer to withdraw from the association after Bloomberg reported earlier this month that it was undecided about formally signing on to the cryptocurrency. (https://bloom.bg/2mJ8ctT)
"We look forward to the first Libra Council meeting in 10 days and will be sharing updates following that, including details of the 1,500 entities that have indicated enthusiastic interest to participate," Libra Association tweeted.
Facebook Inc announced plans to launch the digital currency in June 2020, in partnership with other members of the Libra Association set up by the U.S. tech giant to manage the project.
However, the attempt to drag cryptocurrencies into the mainstream has since met with regulatory and political skepticism globally, with France and Germany pledging to block Libra from operating in Europe.
Facebook did not immediately respond to a Reuters request for comment. (Reporting by Pete Schroeder in Washington and Neha Malara in Bengaluru; Editing by Leslie Adler and Shailesh Kuber)