EXPERTS Vodafone ditches Facebook’s ‘cryptocurrency’ to focus on M-Pesa 5 years ago Iwo Bulski Post Views: 673 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 NIGERIA Lagos Government Reaffirms Zero-Tolerance For Underage Gambling 22 hours ago Szarlot EXPERTS UGANDA Gaming Port Launches In Uganda 23 hours ago Iwo Bulski BOTSWANA EXPERTS BiG Africa Summit Eventus Awards 2025 – Shortlist Released 23 hours ago Iwo Bulski EXPERTS GHANA Ghana’s Finance Minister moves to scrap betting tax in 2025 budget 2 days ago Samuel EXPERTS UGANDA Ugandan finance ministry officials charged with corruption, money laundering 3 days ago Samuel EGYPT EXPERTS African gaming revenues hit $1.8B in new record 3 days ago Szarlot EXPERTS ZAMBIA Airtel Zambia to pay up customers for poor network 3 days ago Samuel EXPERTS HOT NEWS NIGERIA Why African Millennials Prefer Mobile Devices for Online Casino Gaming 4 days ago Szarlot EXPERTS SOUTH AFRICA How technology is shaping the future of online casino regulation in South Africa 7 days ago Samuel EXPERTS Africa’s Financial Sector Chases Digital Dreams In High Stakes Race 1 week ago Szarlot BOTSWANA EXPERTS From Africa to Asia: Connect with C-Level Leaders 1 week ago Iwo Bulski EXPERTS ZIMBABWE Zimbabwe’s government is actively fighting illegal gambling 1 week 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.