November 30, 2023

Vodafone leaves the Libra project

Vodafone leaves the Libra project

Vodafone has become another major company that has refused to participate in Facebook's stablecoin project.

British telecommunications company Vodafone has withdrawn from the Libra Association and will focus ontheir efforts and resources in the development of their own products. 

After the announcement of the launch of the digital currency Facebook,the project was faced with increased regulatory control and aggressive rejection of regulators. In October, the world's largest economies warned that the Libra cryptocurrency poses a risk to the global financial system.

Since June, the eight largest members of the association - PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe, Vodafone and Booking Holdings - have left the project.

Recall that the President of Switzerland recently said that Libra has no chance of success and "the projectThis could have been a significant blow to the project, given that, according to the plan, it was supposed to be launched in Switzerland.

Suddenly, the initiative to take control of the projectFacebook revealed Australia. The Australian Regulatory Authority (APRA) is confident that its legislation will provide an opportunity to establish control over “widely used” wallets, including Calibra from Facebook.

It is unclear whether the Libra team will take advantageAustralian proposal, but the project continues to evolve. In December, the second roadmap was published, which describes the future direction of the project.