Vodafone joins Visa, Mastercard, PayPal, leaves Facebook’s Libra organisation

Vodafone has joined other companies like Visa, Mastercard, PayPal and others to leave Facebook’s Libra.

Facebook announced Libra cryptocurrency in June last year. (REUTERS)

Britain's Vodafone Group PLC has left the entity that manages the Facebook Inc 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, Visa and Mastercard Inc 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 sceptical 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.