EXPERTS Vodafone ditches Facebook’s ‘cryptocurrency’ to focus on M-Pesa 3 years ago Iwo Bulski Post Views: 521 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 WORLD NEWS Online gambling & betting industry is projected to reach $145.6 billion by 2030 15 hours ago Szarlot EXPERTS SENEGAL Why African fintechs will continue to trend 2 days ago Samuel EXPERTS KENYA Gamblers Rejoice As Court Scraps Nairobi Law 5 days ago Samuel EXPERTS KENYA Court quashes betting tax, limit on gambling in 5-star hotels 6 days ago Szarlot EXPERTS SOUTH AFRICA Only 2 Months at The BiG Africa Summit 2023! 1 week ago Iwo Bulski EXPERTS MALAWI How Will Malawi’s Economy Fare in 2023 1 week ago Samuel EXPERTS SOUTH AFRICA South Africans spent big on groceries, entertainment and fuel in December 1 week ago Szarlot EXPERTS WORLD NEWS What Will Be The Future of Sports Betting Around The World? 1 week ago Szarlot EXPERTS HOT NEWS TANZANIA Mobile Betting – How Popular is it in Africa? 1 week ago Szarlot EXPERTS RWANDA Adam Bradford launches centre to train youth in Rwanda 2 weeks ago Iwo Bulski EXPERTS KENYA BetEngines launches the first Sportsbook software solution tailor-made for the African market. 2 weeks ago Adeleye Awakan EXPERTS KENYA Ronald Karauri’s Inspiring Journey from Pilot to SportPesa Billionaire 2 weeks ago Szarlot 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.