Vodafone Becomes 8th Company to Leave Facebook's Libra Association

The planned launch for the Libra digital asset has faced many issues amongst regulators, though the Libra Association has managed to secure over 20 backers in the beginning. Unfortunately, as changes are implemented, these backers seem to no longer support the project like they once did, and Vodafone is the latest to drop out.

  • Other companies to already leave Facebook's digital currency endeavor include PayPal, MasterCard, and Visa.
  • Vodafone and Facebook have not released any further comment.

The Libra Association is been the subject of much turmoil since releasing the white paper for it’s digital currency, receiving criticism from lawmakers and regulars around the world. In spite of this, the association has pressed on, managing to initially secure 28 corporate backers to lead the way. Unfortunately, this group has already bid farewell to seven companies, and Vodafone has become the eighth to follow suit.

A statement from the Libra Association confirmed this change, and says, “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. The Association is continuing the work to achieve a safe, transparent, and consumer-friendly implementation of the Libra payment system.”

BitcoinExchangeGuide has already reported on other backers to have already left the association, including PayPal, Visa, MasterCard, eBay, Stripe, Booking Holdings, and Mercago Pago. Vodafone left on Tuesday, January 21st, and will instead use their resources for M-Pesa. M-Pesa is a pre-existing digital payment service that Vodafone already uses, and it presently serves six regions in Africa.

When Facebook’s project was originally announced, backers were expect to support it with $10 million in investments. However, that statement was made far before their backers started pulling themselves and their resources from the project.

Jerome Powell of the Federal Reserve shed some light on the concerns held by regulators, commenting that Libra introduces “serious concerns regarding privacy, money laundering, consumer protection, [and] financial stability.” A working group has since been created by Powell to investigate the concerns.

At this time, neither Facebook nor Vodafone has responded to requests for additional comments.

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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