Telecom giant Vodafone announces exit from Libra association with one less member

Vodafone Group Plc has become the latest company to quit libra. The association, led by Facebook, is trying to create a new global cryptocurrency. The Libra Association, which was founded last October, had expected as many as 28 members when it announced the launch of the project in June. Visa Inc. Mastercard Inc. Companies such as the company had promised to participate in the project, but chose to leave before signing a formal agreement.

Telecom giant Vodafone announces exit from Libra association with one less member

“Vodafone is no longer a member of Libra,” Dante Disparte, the association’s director of policy and communications, said in a statement. The Association is continuing its efforts to achieve a safe, transparent and consumer-friendly Libra payment system. ”

Libra is a global digital currency designed to make cross-border transfers as easy as sending text messages. Last June, Facebook, the world’s largest social network, first came up with the idea with a number of well-known partners. Facebook has promised to placate all U.S. regulators before issuing Libra. It is unclear how long this will take.

Vodafone said in a statement that it plans to focus instead on its digital payments business. Vodafone owns a stake in Safaricom Plc. Safaricom Plc operates the mobile payment app M-Pesa in Kenya. Around 35 million people worldwide use the messaging app to spend, borrow and send money to friends and family.

Steve Shepper-Smith, a Vodafone spokesman, said: “We will continue to monitor the development of Libra and do not rule out future collaborations. “