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Vodafone withdraws from Facebook Libra

Vodafone has become the latest major company to withdraw from Facebook’s Libra cryptocurrency project.

The telecom company joins other firms such as Mastercard, PayPal and eBay in quitting the association set up to develop a new currency that would be used across Facebook's numerous apps.

Vodafone has stated that "We remain fully committed to that goal [of making a contribution to extending financial inclusion] and feel we can make the most contribution by focusing our efforts on [mobile payments platform] M-Pesa."

Facebook announced the Libra project in 2019 - claiming that it would serve around 1.7 billion people who don't have access to traditional financial services.

Since it's unveiling, the project has faced significant criticism from financial regulators - with Swiss President Ueli Maurer claiming: “I don’t think [Libra will succeed], because central banks will not accept the basket of currencies underpinning it; the project, in this form, has thus failed.”

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