Vodafone announced its withdrawal from the Libra project, leaving only 20 founding members

NetEase Technology News on January 22, according to foreign media reports, British telecommunications giant Vodafone Group (Vodafone) recently announced its withdrawal from the Facebook cryptocurrency Libra project, leaving only 20 founding members of the project.

When the Libra project was announced in June 2019, the Libra Association, which manages the project, had expected its founding members to reach 28. However, with the successive withdrawal of Visa, Mastercard, and Vodafone, this number is now reduced to 2020.

“Vodafone is no longer a founding member of the Libra Association,” said Dante Disparte, director of policy and communications at the Libra Association, in a statement. However, Libra’s governance and technical design ensure that this payment system will have strong resilience. We are continuing our efforts to deploy a secure, transparent, and consumer-friendly Libra payment system at an early date. “

According to Facebook’s proposal, Libra will be a global cryptocurrency designed to make cross-border transfers as easy as sending text messages, but this idea was met with opposition from the beginning.

As the world’s largest social network, Facebook first proposed the idea of ​​Libra last June and worked with several well-known companies to improve the idea. But several companies have announced their withdrawal from the project, and Facebook has promised to address all US regulators’ concerns before launching the cryptocurrency, and it is unclear how long this may take.

Vodafone said in a statement that the company plans to shift to focusing on its own digital payment projects. Vodafone owns a portion of Safaricom, which operates the M-Pesa mobile payment application in Kenya, where more people store their money on mobile phones than banks. About 35 million people worldwide use this text-based application to borrow and send money to friends and family.

Vodafone spokesman Steve Sepperon-Smith said: “We will continue to monitor the development of the Libra Association and do not rule out the possibility of future cooperation.

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