Vodafone Exits Libra as Central Banks Threats Mount

British telecom giant Vodafone has become the latest member to leave the Libra Association.

With this Coindesk-reported exit, the original consortium of 28 members supporting Facebook’s ambitious digital currency project has only left with 20 participants.

“Vodafone is no longer a member of the Libra Libra Libra is a yet-to-be-released cryptocurrency proposed by Facebook, Inc., that will aim to serve as a global payment system and a stable financial infrastructure that people across the world can use. The projected release date of the libra cryptocurrency is currently slated for 2020, while the project is currently being managed by the Libra Association.Headquartered from Geneva, Switzerland, the Libra Association main purpose is founded on three pillars.This includes the provision of a framework Libra is a yet-to-be-released cryptocurrency proposed by Facebook, Inc., that will aim to serve as a global payment system and a stable financial infrastructure that people across the world can use. The projected release date of the libra cryptocurrency is currently slated for 2020, while the project is currently being managed by the Libra Association.Headquartered from Geneva, Switzerland, the Libra Association main purpose is founded on three pillars.This includes the provision of a framework Read this Term Association,” Dante Disparte, head of policy and communication for the association, said in a statement. “Although the makeup of the Association members may change over time, the design of Libra’s governance and technology ensures the Libra payment system will remain resilient.”

Prior to Vodafone, major companies, including Mastercard, Visa, PayPal, and eBay, parted their ways from the digital currency project.

Unlike other participants who exit the association for negative regulatory attention, Vodafone is moving its resources from the stalled project to its own digital payment efforts instead. The company will now focus on mobile-Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term app M-Pesa, which has a massive user base in Kenya.

“We have said from the outset that Vodafone’s desire is to make a genuine contribution to extending financial inclusion,” a Vodafone spokesperson told the publication.

Threats to central banks monetary system

Meanwhile, Libra has pushed regulators worldwide to think seriously about the threats of privatization of the monetary system.

Multiple major monetary regulators - the central bank of England, the eurozone, Japan, Canada, Sweden, and Switzerland - are mulling to study the feasibility of issuing central bank digital currencies (CBDC).

As reported by Reuters, a former Bank of Japan executive revealed that the step followed concerns around Libra, which triggered a global competition among central banks to make their currencies more appealing.

“Something like Libra would make transactions costs much cheaper. Major central banks need to appeal that they, too, are making efforts to make settlement more efficient with better use of digital technology,” the official told Reuters.