“Vodafone confirms their exit from the libra association through their representative but it will not stop future cooperations between both parties”.
Vodafone, the giant of telecommunications in Britain has bid the Libra digital asset association farewell after a number of big companies left to part ways with the association. It happened late last year when companies such as Paypal, Visa, Mastercard and Ebay bid the association farewell.
Vodafone is the latest to part ways with the Libra association despite the charter that was signed between both parties last year October. The group confirmed their exit in Tuesday in a statement: We will continue to monitor the development of the libra association and do not rule out the possibility of future cooperation”.
The association’s membership has continued to shrink since ‘big shots’ began to exit the group with Vodafone as the latest to announce its split from the group. The Libra association works to evolve and scale the network and reserve of the planned libra cryptocurrency.
The association began with twenty-eight (28) members, but it’s left with twenty (20) now as Mercado Pago, Stripe, Paypal and Visa, among others, have all exited the association. There are speculations that Libra’s current confrontation with the centralized financial organization and the government regulators is a factor fueling the exit of these organizations.
Vodafone is also said to be channeling its resources and attention to its own digital payment service known as M-pesa. M-pesa is Africa’s most successful mobile money service. Financial services are provided to millions of people who have a mobile phone and are limited by access to a bank account or do not have at all through M-pesa. It offers safe and secure ways to send and receive money, top-up airtime, pall bills and lots more.
Libra was unveiled by Facebook in June 2019 as Facebook was one of the members of its governing council. The Libra stablecoin, an independent entitiy, is meant to offer a global means of payment. It is backed by a basket of currencies like the United States Dollar, the great Britain Pound and the Euro, among others. The goal of Libra, according to the Head of Communications, is to “build a financial ecosystem that can plug in and empower billions of people”.
LIBRA PUSHES ON
The Head of Communications of the Libra Association, Dante Disparte, made a statement to multiple media to assure that the Libra association is working tirelessly to give the best despite the pulling out of members from the association: Although the makeup of the Association members may change over time, the design of Libra’s governance and technology ensures the Libra payment will remain resilient. The association is continuing to work to achieve a safe, transparent, and consumer-friendly implementation of the libra payment system.
Some have started doubting the planned 2020 launch of the Libra coin thanks to Facebook’s CEO, Mark Zuckerberg, who didn’t give a specific mention to when Libra would be launched in his recent social media post “vision for the decade”, although the launch was first slated for the first half of 2020. Libra is also said not to be neglected by companies as there are reports of an awaiting list of over 1,500 companies waiting to be approved and admitted as new members in 2020.
The Libra project has faced several confrontations with the government, lawmakers, politicians and being a talk of fun by crypto space influencers because it is not decentralized or limited in supply. The struggle between Libra and the government continues and we sit to see what comes out of it and its effect on the crypto community.