Vodafone Group exits Facebook-led Libra currency group

(Reuters) – Britain’s Vodafone Group PLC (VOD.L) has left the entity that manages the Facebook Inc (FB.O) 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 (PYPL.O) and Mastercard Inc (MA.N) 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 skeptical regulators around the world.

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.

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