Vodafone Bid Adieu to Libra Association

Telecom firm Vodafone is the latest to join a long list of firms which have departed from the Libra association.

The representative said:

“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.”

Safaricom, a Kenya-based firm having partnership with Vodafone, developed M-Pesa, a mobile payment app for Africa.

Dante Disparte, head of policy and communications for the Libra Association, has issued a statement confirming the exit of Vodafone from the Libra Association.

“We can confirm that Vodafone is no longer a member of the Libra Association.”

Disparte, however, argued that the management and payment system of Libra will remain strong irrespective of the entry or exit of companies:

“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.”

Soon after Facebook unveiled the white paper for its Libra cryptocurrency, the venture drew the ire of regulators, who have managed to temporarily halt the venture’s advance.

In the final part of 2019, several mainstream companies made a decision to exit the Libra Association, the principal organization backing the intended stable crypto token.

Notably, last October, Mastercard, Visa, PayPal and eBay made an exit from the Libra Association.