Vodafone Walks out of Facebook's Libra Digital Currency Project

One of the leading telecom network service providers Vodafone has become the latest leading player to decide to quit Facebook’s crypto-currency project Libra.

The Libra association has seen immense withdrawal of bankers that include Paypal & MasterCard as this has been a controversial project. Earlier in June last year, Facebook announced that it would launch the digital currency in partnership with other members of the association. But the project unfortunately ran into trouble with doubtful regulators around the world.

Having said that, now Vodafone joins PayPal, Mastercard, Visa, Mercado Pago, eBay and others, in leaving from the project Libra. And with this step, Vodafone is the first company to quit after the Libra Association was formed in October 2019, coindesk reported on Tuesday.

"We can confirm that Vodafone is no longer a member of the Libra Association. Although the makeup of the Association members may change over time, the design of Libra's governance and technology ensures the Libra payment system will remain resilient," the Libra Association said in a statement.

It further stated, "The Association is continuing the work to achieve a safe, transparent, and consumer-friendly implementation of the Libra payment system."

The Libra group claimed that around 1,500 brands have conveyed their interest in getting involved in the digital currency project. Despite several giant companies walking out, Facebook and 20 partner organizations involved in the digital currency Libra project in October last year.

Facebook CEO Mark Zuckerberg testified before Congress in October about Libra, defending the idea, but acknowledging the struggles left to overcome, says the report.