Vodafone has become the latest big player who has decided to quit Facebook’s controversial Libra Cryptocurrency Project. Vodafone joins PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings in withdrawing from the controversial project and is the first company to exit after the Libra Association was formed in October last year, media reported. The companies left owing to concerns about heightened regulatory scrutiny.
“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.
Despite top-notch firms pulling out, Facebook and 20 partner organisations formally joined the digital currency Libra project in Geneva in October. The Libra Association said that more than 1,500 entities have expressed an interest in joining the digital currency project.
Several US senators have opposed Facebook’s digital coin, arguing that the social networking giant has been irresponsible with user data privacy. They have even called the digital cryptocurrency Libra ‘delusional’ and ‘dangerous’.