EXPERTS Vodafone ditches Facebook’s ‘cryptocurrency’ to focus on M-Pesa 4 years ago Iwo Bulski Post Views: 589 Vodafone has bailed on Facebook‘s cryptocurrency project, Libra, to focus on expanding its own solution for faster cross-border payments beyond Africa. The telecommunications giant is the latest in a string of companies to have left the Libra Association, alongside Mastercard, Visa, Stripe, and Ebay, CoinDesk reports. Libra, a stablecoin-esque digital currency first revealed in mid-2019, has faced an onslaught of criticism from regulators worldwide, who’ve shared concerns its success could destabilize world economies by undermining the Euro. Vodafone would rather spend resources on M-Pesa (not a crypto). In response to the news, Vodafone said it was still “fully committed” to making a “genuine contribution to extending financial inclusion,” but it seems it just won’t be through a cryptocurrency. A Vodafone spokesperson told reporters it believes it can assist the world’s poor by focusing on M-Pesa, a money platform for smartphones with a pronounced presence in developing economies across Africa, particularly Kenya. M-Pesa, launched in 2007, currently boasts more than 30 million users across 10 countries. The service also reportedly processed 6 billion transactions in 2016 alone. The app has no exposure to cryptocurrency, and operates more within the traditional finance system. Can Facebook launch Libra on time? Facebook originally planned to release Libra in the first half of 2020, but execs have since maintained the social media mainstay would only do so once all regulatory considerations have been addressed. It was that same red tape that pushed Mastercard and Visa to part ways with the Libra Foundation, months before the Swiss finance minister would say the country isn’t likely to approve Libra as it is right now. This has obviously left Zuckerberg and co. in a tight spot. As all this plays out, a raft of European central banks joined forces to better explore the use cases of central bank digital currencies, spurred on by corporate ‘cryptocurrencies‘ like Libra. Source: thenextweb.com About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: Facebook, Libra, M-pesa, Vodafone Continue Reading Previous Why we Should Buy Bitcoin?Next Gambling On A Global Scale More Stories EXPERTS SOUTH AFRICA Scan to Pay launches new voucher solution for consumers 2 hours ago Samuel EXPERTS HOT NEWS Apex African iGaming: Unmatched Regional Event Lineup for 2024 24 hours ago Iwo Bulski EXPERTS NIGERIA From savannah to silicon: Africa’s tech emergence unfolds 1 day ago Samuel EXPERTS Elevate Your Home Decor: The Top 12 Canvas Prints Companies with Wallpics Leading the Way 1 day ago Tools EXPERTS NIGERIA CBN to Freeze Bank Accounts without BVN, NIN from March 2024 1 day ago Szarlot EXPERTS ONLINE Top 12 Invoice Generator Software to Boost Your Business Efficiency 3 days ago Tools EXPERTS Top 12 Companies Offering IT Certifications: A Comprehensive Guide to Advancing Your Career 4 days ago Tools EXPERTS KENYA Gamblers stake Sh620 billion in four years as betting craze rises 4 days ago Samuel EXPERTS WORLD NEWS Entain To Pay Almost $730 Million To Settle Turkish Bribery Claims 1 week ago Samuel EXPERTS UGANDA iGaming in Africa: An overview 1 week ago Samuel EXPERTS HOT NEWS SOUTH AFRICA Africa’s Digital Future and the Rise of Mobile Gaming 1 week ago Samuel EXPERTS KENYA President Ruto unveils plan to privatise 35 state companies in Kenya 2 weeks ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.