Vodafone announced its withdrawal from the Libra Association

British telecommunications conglomerate Vodafone has become the eighth company to announce its withdrawal from the Libra Association.

The company decided to direct the resources that were planned to be used to participate in the development of the Libra stablecoin to the development of its own digital payment service M-Pesa. Currently, the service operates in six African countries, but thanks to new resources, it will be available to users from other countries.

Representatives of Vodafone stressed that the exit from the Libra Association is not associated with pressure from regulators or with any political motives. The company’s management believed that the development of the M-Pesa service would be more effective for providing financial services to the world’s poorest countries.

“We have said from the very beginning that Vodafone’s main goal is to make a real contribution to expanding financial accessibility. We continue to be committed to this goal,” said a representative of the telecommunications giant.

According to Dante Disparte, head of policy and public relations at Libra, there is nothing wrong with changing the membership of the organization. The management structure of the Libra Association ensures that the payment system will remain stable.

“We will continue to monitor the development of the Libra project and do not rule out possible cooperation with Facebook in the future,” said a Vodafone representative.

Recall that the Block recently conducted a survey of representatives of the cryptocurrency industry, as well as venture investors and employees of the financial industry, and it turned out that they do not believe in the launch of Libra this year.