We can’t say that Facebook’s cryptocurrency is like a sinking ship because it’s not been launched yet. But its partners are gradually leaving the party. Vodafone UK has become the latest partner-company to leave the Libra project.
If you remember, two other big partners in the face of Visa and MasterCard have real doubts about whether to participate in the project or not.
Also Read: Libra Coin’s Release Time Is In Doubt, No Clear Strategy Yet
In June 2019, Facebook issued a statement that it is going to launch its own digital currency. This project should be implemented with other members of the association. However, the project faced a number of obstacles and problems related to the various regulations around the world. The world’s biggest economies started rethinking about the advantages of cryptocurrencies. So, Facebook’s Libra decided to push back the launch date.
In this regard, today, BBC reported that ‘Vodafone Group has decided to withdraw from the Libra Association’. As the Vodafone spokesperson said, ‘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 we can make the most contribution by focusing our efforts on [mobile payments platform] M-Pesa.’
In its turn, Dante Disparte, head of policy and communications for the Libra Association made a comment. He said: ‘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’.
By the way, Paypal and eBay have also withdrawn from the association.