Facebook Libra loses another heavyweight: Vodafone jumps
The British telecommunications giant Vodafone has withdrawn from the controversial Libra project of Facebook. Vodafone confirmed on Tuesday, compared with Coindesk that he will pull out of the Libra consortium, which consists of prominent companies dedicated to the operation of the next Libra-crypto-currency.
Instead, Vodafone will devote its resources to the mobile payment platform M-Pesa, which wants to expand the company over the six African regions that supports it currently, also. The platform met yesterday with strong opposition, as the Reserve Bank of India (RBI) cancelled the Certificate of Authorization (CoA) from M-Pesa and forced the company out of India to withdraw.
We have said from the beginning that Vodafone wants to make a real contribution to the expansion of financial inclusion. We will be watching the development of the Libra Association, continue to and do not exclude the possibility of a future collaboration.
Vodafone is now the eighth great company withdraws from the project and in the mass Exodus with PayPal, Visa, Stripe and eBay together. Although the majority of the companies didn’t specify why you give up the controversial Stablecoin project, said Visa, the regulatory uncertainty for the withdrawal was responsible.
Visa has decided not to join the Libra Association at this time. We will continue to evaluate, and our final decision will be determined by a number of factors, including the ability of the Association to meet all necessary regulatory expectations.
Already in September, a prominent Minister in France and promised to block the development of Libra in Europe, during the EU Finance Commissioner Valdis Dombrovskis promised to regulate this strong. However not everything is bad in the project of Facebook. Libra claims that a further 1,500 potential partners waiting for the accession to the Libra Foundation, and thus a sufficient successor for the bailed-companies.
Libra had recently established a technical Committee to further progress to be better and to implement the plan. Libra has brought the global discussion on the development of a digital currency is only really in gear. The Bank of England announced yesterday that they will form a Task Force with other Central banks in the world, to explore the development of a Central Bank backed digital currency (CBDC) and to develop a catalogue of measures.
China piloted already the usage of the Yuan in some provinces of the country and the billions of Shenzhen city. China will be the first country in the world, in the CBDC is used in a billion-dollar market. So far, the actual impact on the economy and the population can be guessed only. It will show whether these developments will have a positive impact on the lives of the people.
