Vodafone Group exits Facebook-led Libra currency group

Vodafone has become the latest big player who has 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.