July 24, 2024

Vodafone Announces Exit from Libra Association

British telecommunications conglomerate Vodafone has become the eighth company to announce its exit fromLibra associations.

The company decided to channel resources thatIt was planned to use to participate in the development of Libra stablecoin, to develop its own digital payment service M-Pesa. Now the service works in six African countries, but thanks to new resources it will be available to users of other countries.

Vodafone representatives stressed that the exit fromLibra is not associated with regulatory pressure or political motives. The company management considered that the development of the M-Pesa service would be more effective in providing financial services to the poorest countries in the world.

“From the very beginning we said that the main goalVodafone is a real contribution to expanding financial affordability. We continue to be committed to this goal, ”said the representative of the telecommunications giant.

According to the head of politics and relations withby the public of the Libra association, Dante Disparte, there is nothing to worry about changing the membership of the organization. Libra's management structure ensures that the payment system remains stable.

“We will continue to monitor the development of the Libra project and do not exclude possible cooperation with Facebook in the future,” the representative of Vodafone emphasized.

Recently, The Block publication conducted a survey of representatives of the cryptocurrency industry, as well as venture investors and financial industry workers, and it turned out that they did not believe in the launch of Libra this year.