Ever since the rumors on Facebook going into the cryptocurrency sector and launching its own stablecoin began to surface a few years back, it was already known that it would be a rather ambitious project. Upon the official announcement from Facebook themselves and the launch of the Libra whitepaper in 2019, the project was confirmed to be a rather ambitious one and has done a great deal to push discussion about crypto-related regulation to lawmakers around the world and has brought a renewed awareness about cryptocurrency and blockchain. The project has, however, also been a rather difficult one for Facebook as they have faced challenges at every turn and this includes pushback from regulators as well as several members of the Libra Association departing the project before Its launch.
Now, British telecoms firm Vodafone has become the latest Libra Association member who has departed the project.
According to the representative for Vodafone, the firm has decided that they would be in a better position to assist the project by focusing the efforts on the M-Pesa, which is a new payment system that is being developed in Africa.
“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 co-operation,” the representative said.
The departure off several Libra Association members has not been a great sign for Facebook but the company has assured the public that regardless of the changes that take place within the Libra Association, they are still committed to the project.
“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,” a Facebook representative said. “The Association is continuing the work to achieve a safe, transparent, and consumer-friendly implementation of the Libra payment system.”