The leading British telecom Vodafone became one of the latest companies to leave Facebook’s cryptocurrency project Libra in the midst of ever increasing pushback from both state governments and financial institutions.
So far the Libra project has been abandoned by companies like PayPal, MasterCard, Visa and eBay as a consequence of the warning issued by the European Central Bank, the Bank of England, the German and French governments that cryptocurrencies like this are a risk to the global financial system.
Vodafone issued the following statement:
"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 we can make the most contribution by focusing our efforts on M-Pesa (mobile payments platform)."
SourceSometimes I wonder whether Libra will ever launch, considering the businesses that keep the project and the immense global pushback various governments.