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Vodafone leaves the Libra Association

Vodafone leaves the Libra Association

Next on the now quite a long list of companies leaving the association is Vodafone. The telecom giant confirms to Cointelegraph that it leaves Libra in order to focus entirely on the development of M-Pesa. M-Pesa could be described as the Libra of Africa, only without the digital asset and regulatory crackdown. Not Facebook but Safaricom, a mobile network operator based in Kenya is the brain behind M-Pesa.

The Libra exodus

Vodafone is one of many 'founding members' to have departed from the Libra Association after regulators started to crack down on the project. Especially the leaving of payment providers like Visa, Mastercard, PayPal, Stripe and Mercado Pago hit the association hard.

Libra still confident

While Libra acknowledges that the composition of founding members may change over time, Libra as a system and technology is resilient. Furthermore, the project states many other companies have lined up to fill in the gap left behind by the departing members and development is still going according to plan.