Vodafone Group PLC exits Facebook’s Libra crypto currency project

In a statement, Facebook’s Libra Association said, Britain’s Vodafone Group PLC has left its global digital currency initiative.

In recent months, Facebook’s digital currency has seen an exodus of its backers midst increased regulatory scrutiny, including financial companies such as Mastercard Inc and Paypal Holdings Inc.

In June 2019, Facebook had announced a plan to launch its digital currency in partnership with other members of the association; the project however faced hurdles with skeptical regulators around the globe.

“We will continue to monitor the development of the Libra Association and do not rule out the possibility of future co-operation,” said Vodafone’s spokesman in a statement.

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