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After Mastercard and Paypal, Vodafone Groups exits from Facebook's Libra project

Backers including financial companies Paypal Holdings Inc and Mastercard Inc also exited Libra project.

|Jan 22, 2020, 08:29:36 IST

Britain's Vodafone Group PLC has left the entity that manages the Facebook Inc led effort to launch Libra, a global digital currency, Libra Association said on Tuesday.The association has seen an exodus of its backers including financial companies Paypal Holdings Inc and Mastercard Inc amid regulatory scrutiny.Facebook announced in June last year a plan to launch the digital currency in partnership with other members of the association, but the project quickly ran into trouble with sceptical regulators around the world.(Also read: Swiss president says Facebook's libra has failed in current form, needs reworking)[caption id="attachment_7938921" align="alignnone" width="1024"]

Image: Reuters[/caption]Vodafone did not immediately respond to a request for comment."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," said Dante Disparte, head of policy and communications for the Libra Association.(Also read: Facebook Libra: Cryptocurrency debate in India needs to have a more informed approachFacebook announces Calibra, a digital wallet for its Libra cryptocurrencyFacebook Libra: Here's how it could impact the Indian regulatory stance on cryptocurrenciesCalibra: Hours after the launch, US politicians ask Facebook to pause cryptocurrency projectBoE's Carney says keeping open mind on Facebook's LibraFacebook to face scrutiny by a US senate panel over its digital currency project)

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