RATE Group | Vodafone ditches Facebook’s ‘cryptocurrency’ to focus on M-Pesa
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Vodafone ditches Facebook’s ‘cryptocurrency’ to focus on M-Pesa

22 Jan Vodafone ditches Facebook’s ‘cryptocurrency’ to focus on M-Pesa

Posted at 20:32h in Cryptocurrency News by

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Vodafone has bailed on Facebook‘s cryptocurrency project, Libra, to focus on expanding its own solution for faster cross-border payments beyond Africa.

The telecommunications giant is the latest in a string of companies to have left the Libra Association, alongside Mastercard, Visa, Stripe, and Ebay, CoinDesk reports.

[Read: Facebook’s Libra ‘cryptocurrency’ is turning into a soap opera — and it’s gonna be a long season]

Libra, a stablecoin-esque digital currency first revealed in mid-2019, has faced an onslaught of criticism from regulators worldwide, who’ve shared concerns its success could destabilize world economies by undermining the Euro.

Vodafone would rather spend resources on M-Pesa (not a crypto)

In response to the news, Vodafone said it was still “fully committed” to making a “genuine contribution to extending financial inclusion,” but it seems it just won’t be through a…

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