Vodafone, the UK-based telecommunications brand, has become the latest company to exit the Libra Association. The telco’s withdrawal from the Facebook-created regulatory group was confirmed recently by CoinDesk.
Along with its withdrawal, Vodafone says it will also be pulling out resources initially intended for Libra and shifting it towards M-Pesa, the telco’s own digital payment service, which has seen success with mobile users. Primarily within Africa.
It’s not wrong to say Facebook’s Libra has undergone many hardships since its launch back in June 2019. With the backing of several brands that included Visa, Mastercard, Uber, and eBay, to name a few.
Since then, several companies have since withdrawn their support for the currency, including the aforementioned companies. Specifically, nine companies – including Vodafone – no longer associate themselves with the Libra Association.
It also doesn’t help its case that US lawmakers had expressed concern about the cryptocurrency and the impact it may have on national security and data privacy. If that wasn’t enough fuel to the fire, both France and Germany vowed that they would block the cryptocurrency from their financial systems altogether.
It’s not all doom and gloom for the Libra Association, though. As it so happens, the regulatory group is reportedly getting ready to accept more members into the group and that it has a waiting list of more than 1500 companies lining up for it.