As commercial support for the Libra cryptocurrency project appears to be wavering, British mobile telecoms group Vodafone has reiterated its support, but with caveats.

In an interview with reporters in its Dusseldorf office, Vodafone chief executive officer Nick Read said his company would continue as a member of the Libra Association, but called for the appointment of an independent leadership to separate it from Facebook and thereby increase the chances of the project’s success. He said:

The sooner a chief executive is appointed to lead it going forward that is not [from] Facebook, then people will then understand the ambition of the entity itself.

Association Weakening

Libra has come under extreme scrutiny from governments, central banks and regulators across the globe, and this has started to spook some of the Association’s members. 

Last week electronic payments company PayPal withdrew its membership to expand its “existing mission”, while payments companies Mastercard, Visa and Stripe have, within the last 24 hours, been advised in a letter from US senators to watch their step.

Featured image by Fabian Albert on Unsplash.