January 21, 2020 / 9:11 PM / a month ago

Vodafone Group exits Facebook-led Libra currency group

A man checks his mobile phone next to a Vodafone logo at the Mobile World Congress in Barcelona, Spain, February 28, 2018. REUTERS/Sergio Perez

(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.

“We will continue to monitor the development of the Libra Association and do not rule out the possibility of future co-operation,” a Vodafone spokesman said in a statement.

Reporting by Neha Malara and Kanishka Singh in Bengaluru; Editing by Arun Koyyur

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