May 28, 2023

Vodafone refused to participate in the Libra project from Facebook

British telecommunications company Vodafone withdrew from the Libra Association, reports CoinDesk.

The company will direct resources for the further development of the digital serviceM-Pesa payments. According to representatives of Vodafone, this service is currently operating in six African countries, but the company plans to expand the geography of its services.

According to the publication, the decision of the telecom giant is not due to regulatory risks, but rather the desire to concentrate resources on its own digital initiative.

Earlier, payment giants left the Association.PayPal, Mastercard, Visa, Mercado Pago, Stripe, eBay e-commerce giant and Booking Holdings. However, representatives of the Libra project do not give up:

“And although the membership of the Association may change over time, the Libra management structure and its technology guarantee the stability of the payment system”, - said the head of the department of politics and communications of Libra Dante Disparte.

According to a source familiar with the situation, the Association plans to include new members this year. There are currently about 1,500 companies on the waiting list.

During a speech in Davos, Switzerland, Disparta hinted at a possible delay in launching Libra, which was planned for this year.

“For us, it’s preferable to move slowly, doing everything right, than to set a deadline, with which it is not possible to solve the payment problems of those who need it most- said Disparte.

He added that eliminating regulatory uncertainty is desirable to unleash the potential of digital currencies.

Libra won't hurt Australia

Authorities and financial elite of many countriesthe prospects for global stablecoins are alarming. However, the Australian Advisory Law Regulatory Authority (APRA) said it could take the lead on the largest social network.

The official response to the Senate request saysthat APRA proposed new regulations that would enable the organization to oversee “widely used” wallets, including Calibra from Facebook.

Senate Select Committee on Financial Technology and Regulatory Technology by ForkLog on Scribd

Recall last week it became known aboutthe creation of a committee to monitor the development of the digital currency project from Facebook, and a month earlier a second road map for the development of Libra Core software was published.