Thursday
January 23
2020

Vodafone Is the Eighth Company to Quit Facebook’s Digital Currency Project

British telecommunications firm Vodafone has pulled out of the Libra Association, raising further doubt that the digital currency will get off the ground this year as planned.

Another one bites the dust: Facebook unveiled the vision for Libra, which it has promised will promote “financial inclusion” around the world, in June. At the time, there were 28 members in the Libra Association, a nonprofit Facebook founded to manage the digital currency system. Then, in October, PayPal kicked off a string of high-profile exits including Visa, Mastercard, eBay, and Stripe. Vodafone is the first one to back out so far this year. Remaining members include Uber, Lyft, and Spotify.

Photo courtesy of Pixabay.

Source: MIT Technology Review (link opens in a new window)

Categories
Finance
Tags
blockchain, cryptocurrency, digital finance, Facebook, financial inclusion, telecommuncations