Vodafone quits Facebook’s Crypto, Libra

Vodafone announced quitting the association formed by Facebook to establish cryptocurrency project, Libra.

After this move, the international carrier is the 8th member of the group to leave, following withdrawal of eBay, Visa, Mastercard, Mercado Pago, Stripe, Booking Holdings and PayPal in 2019.

From its side, Libra spokesperson confirmed the news:

“Although the makeup of the association members may change over time, the design of Libra’s governance and technology ensures the Libra payment system will remain resilient.”

It is worth noting that, Libra is a permissioned blockchain digital currency proposed by the American social media company Facebook, Inc. The currency and network do not yet exist, and only rudimentary experimental code has been released. The launch is planned to be in 2020.

Vodafone said that its efforts of supporting financial inclusion will continue through its mobile payments service M-Pesa, started 2007 in Kenya and is now active in 10 countries including Tanzania, the Democratic Republic of Congo, Egypt, Ghana, Lesotho and Mozambique.

Vodafone spokesperson said:

“Vodafone Group has decided to withdraw from the Libra Association. “We will continue to monitor the development of the Libra Association and do not rule out the possibility of future cooperation.”

Earlier this week, Cryptolydian.com reported that, The Australian Prudential Regulation Authority (APRA) is studying to oversee digital wallets such as Facebook’s Libra project.

The market regulator has submitted a regulatory framework to the Senate, in which it proposed to supervise digital wallets and data protection projects.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.