Friday February 28, 2020
Home Lead Story Vodafone Quit...

Vodafone Quits Facebook’s Libra Cryptocurrency Project: Report

The Libra project, which is still in development, aims for the launch of its first version this year

0
//
vodafone
Vodafone logo. Pixabay

Vodafone has become the latest big player who have decided to quit Facebook’s controversial Libra cryptocurrency project.

Vodafone joins PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings in withdrawing from the controversial project — and is the first company to exit after the Libra Association was formed in October last year, coindesk reported on Tuesday.

The companies left owing to concerns about heightened regulatory scrutiny.

“We can confirm that Vodafone is no longer a member of the Libra Association. 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,” the Libra Association said in a statement.

“The Association is continuing the work to achieve a safe, transparent, and consumer-friendly implementation of the Libra payment system.”

Despite top-notch firms pulling out, Facebook and 20 partner organisations formally joined the digital currency Libra project in Geneva in October.

The Libra Association said that more than 1,500 entities have expressed an interest in joining the digital currency project.

facebook, servicefriend, startup, cryptocurrency, libra
Representations of virtual currency are displayed in front of the Libra logo in this illustration picture. VOA

Several US senators have opposed Facebook’s digital coin, arguing that the social networking giant has been irresponsible with user data privacy. They have even called the digital cryptocurrency Libra “delusional” and “dangerous”.

Facebook CEO Mark Zuckerberg testified before Congress in October about Libra, defending the idea, but acknowledging the struggles left to overcome.

Libra has failed in its current form, according to the President of Switzerland.

Also Read: Digital Transactions in Delhi-NCR Grew by 235% Last Year: Razorpay

In a media interview, Swiss President and Finance Minister Ueli Maurer stated that Libra does not have a chance of being successful “because the basket of currencies that is deposited in this currency is not accepted by the national (central) banks”.

“The project in this form has actually failed,” Maurer was quoted as saying.

The Libra project, which is still in development, aims for the launch of its first version this year. (IANS)

Next Story

Facebook To Ban Misleading Ads Regarding Novel Coronavirus

Facebook cancelled the event scheduled from March 9-12, to be attended by over 5,000 participants

0
Coronavirus
The death toll in China's novel coronavirus epidemic climbed to 2,715 with 52 new fatalities while the confirmed cases rose to 78,064. VOA

Facebook on Wednesday announced to ban ads related to coronavirus that promise to cure, prevent or spread panic among the users around COVID-19.

The death toll in China’s novel coronavirus epidemic climbed to 2,715 with 52 new fatalities while the confirmed cases rose to 78,064.

“We recently implemented a policy to prohibit ads that refer to the coronavirus and create a sense of urgency, like implying a limited supply, or guaranteeing a cure or prevention,” the social networking giant told Business Insider.

“We also have policies for surfaces like Marketplace that prohibit similar behaviour.”

Facebook earlier said it will remove misinformation about coronavirus from both its platform as well as photo-sharing service Instagram.

Coronavirus derailed Facebook’s Global Marketing Summit in San Francisco next month.

Facebook
Facebook on Wednesday announced to ban ads related to coronavirus that promise to cure, prevent or spread panic among the users around COVID-19. Pixabay

Facebook cancelled the event scheduled from March 9-12, to be attended by over 5,000 participants.

“Out of an abundance of caution, we cancelled our Global Marketing Summit due to evolving public health risks related to coronavirus,” a spokesperson said.

ALSO READ: Children Who Feel Connected To Nature Are More Likely To Be Happier, Reveals Study

“Facebook is committed to holding the event in San Francisco in the future,” the company added. (IANS)