The Libra Association, a body of companies set to govern the operations of Facebook’s Libra seems to be getting tenser by the minute. Days after one of the members, PayPal, decide to call it quits, one more has now come up with a demand of its own. Vodafone has not to quit but has pledged to continue supporting the project only if it’s not under Facebook’s control.
According to the telecoms giant that happens to be one of Safaricom’s biggest shareholders, Libra should have an independent chief executive, so that it becomes fully separate from the social network.
Vodafone yesterday expressed this concern reiterating its support for the struggling ‘cryptocurrency’ project. But it stated that an independent leadership is definitely a factor that will determine Libra’s success.
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
Vodafone’s chief executive, Nick Read, was one not to mince his words in expressing these concerns. “It needs a chief executive for that business,” he said. Speaking to the press in Vodafone’s office Düsseldorf office, Read stated that the company remains fully in support of the project, that has already lost one partner.
This comes alongside ongoing speculation that Visa and Mastercard have reportedly been spooked by the increasing regulatory scrutiny.
So does this continue to register as one of the countless troubles that have infested Libra through the last few months? Yes. This is considering it is now confirmed that Simon Morris, Libra‘s head of product, just left the association.
However, Vodafone seems keen to continue its involvement – at least for now.