Telecom giant Vodafone has quit the Libra Association established by Facebook to monitor its cryptocurrency project. Libra Association is a conglomerate of companies that aim to help Facebook launch its first cryptocurrency project and handle regulatory initiatives.
Vodafone is the eighth member to exit the Libra Association, the media reported. Previously, members such as eBay Visa, Mastercard, Mercado Pago, Stripe, Booking Holdings and PayPal left the Libra Association.
Vodafone’s representative told the media that, “Vodafone Group has decided to withdraw from the Libra Association. We have said from the outset that Vodafone’s desire is to make a genuine contribution to extending financial inclusion. We remain fully committed to that goal and feel that we can make the most contribution by focusing our efforts on M-Pesa. We will continue to monitor the development of the Libra Association and do not rule out the possibility of future cooperation.”
Members of the Libra Association were expected to invest $10 million to launch Libra. Other members including Lyft, Uber, Coinbase and Spotify are still a part of the association.
Facebook’s debut in cryptocurrency has stoked fear and criticism among central banks and regulators, stalling the project’s progress. They have expressed concerns on various platforms regarding privacy, money laundering, consumer protection and economic financial stability.
However, Dante Disparte, head of policy and communications for the Libra Association, reassured that the association is working to ensure transparency and security in the Libra payment system. Last year, founding members of the Libra Association eBay and Strip dropped out on a neutral note.