British telecommunications company Vodafone has announced that it has resigned from Libra Association. The company’s decision is identical to PayPal, Mastercard, Visa, which previously made a similar decision to leave the project from Facebook.
A representative of Vodafone said that the company intends to focus on developing its own products and provide affordable financial services to the poor.
When Facebook first launched its crypt-currency project, 28 companies joined the project and subsequently formed the association. Since then, however, regulators in many countries have been sceptical about the idea of creating a stealthcoin, which has led many companies to reconsider their decision regarding the project. PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings – and now Vodafone – have already left the Libra Association.
From the beginning, we’ve talked about Vodafone’s desire to make a real contribution to financial inclusion,” CoinDesk told CoinDesk. “We remain fully committed to this goal.
A spokesperson for the Libra Association confirmed Vodafone’s departure. According to Dante Disparta, Head of Policy and Communications, despite changes in the composition of the Association, Libra still guarantees stability in the payment system.
However, regular company withdrawals from the association cast doubt on Libra’s ability to launch this year. In fact, according to a recent survey by The Block, 67.9% of industry insiders believe that the project will not be launched in 2020.