- Facebook’s Libra is facing a lot of regulatory concerns from the law authorities.
- Vodafone Group has exited from the Libra Crypto group, it has extended the support to monitor the development of Libra Association.
- Libra’s main aim is to build a financial ecosystem that is in the direction to empower billions of people.
Vodafone Group has confirmed the exit from Facebook Inc’s Libra Cryptocurrency group. Libra is seeing the continued withdrawal of many of its supporters and investors amidst its initial launch yet. Libra is facing a lot of regulatory concerns from the law authorities.
The main supporters of Libra being PayPal Inc and MasterCard Inc have all withdrawn from the Libra Cryptocurrency group. Facebook had announced the launch of Libra Crypto in June in the previous year in support of many investing groups and association members but the added hurdles by the doubtful regulatory bodies in the last year.
Although Vodafone Group has exited from the Libra Crypto group, it has extended the support to monitor the development of Libra Association and also confirmed that the group wouldn’t close out the course of action of the future co-operation.
This might be a positive thing amidst the loss of support from most of the Incorporations. Vodafone is one of the biggest companies to exit from Libra; Vodafone is now focusing on its project of digital payment service named M-Pesa, which is said to expand in African countries.
Although the top companies have exited the Libra Group, the Libra Group is still accepting new members to its association, for which it has seen an increased number of members filling out an application to take part in the collaboration.
Which has a list of companies ready to take part with a rough figure of more than 1,500 individuals prepared to step in? Libra Crypto, when launched, is said to be a new age digital payment to be spread globally and also backed by International currencies such as the US dollar, GBP, and Euro.
Libra’s main aim is to build a financial ecosystem that is in the direction to empower billions of people. Libra Group and Facebook CEO Mark Zuckerberg’s original thought of launching the most controversial Libra crypto in the intervening period of 2020 might be postponed further due to the added regulatory concerns.
Libra is still working to achieve a user-friendly, safe, and transparent platform of cryptocurrency, for which it has added a new committee to foresee the growth in the long run.