Libra faces another setback as Vodafone pulls out from the crypto project

Vodafone has become the latest company to pull out from the Libra Association. PayPal, Mastercard, Visa, and many others had earlier quit Facebook's controversial cryptocurrency project.

In the latest setback, Libra Association lost its one more backer in the form of Vodafone. The British company is the eighth backer to abandon Facebook’s digital currency project. However, Vodafone confirmed that they are not ruling out the possibility of working with Libra in the future.

 

Libra continues to face regulatory scrutiny.

According to the Coin Desk report, the Libra Association, in a statement, said, “we can confirm that Vodafone is no longer a member of the Libra Association. 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.” Since the announcement of the launch, Libra has been facing high regulatory scrutiny from all over the world. The President of Switzerland had said that Libra, in its current form, is a failed project.

 

Vodafone to focus on M-Pesa.

The British company will use the funds that were intended for Libra to develop M-Pesa. A spokesperson said that Vodafone believes they can most effectively bring affordable financial services to the world’s poor by focusing on M-Pesa for the moment. M-Pesa is Vodafone’s mobile payment system. Earlier, Libra Association said that more than 1,500 entities had expressed an interest in joining the digital currency project.

The CEO of Facebook, Mark Zuckerberg, had testified in front of US lawmakers and said that they would not go ahead with the project without meeting all the regulatory norms.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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