Facebook Libra Association Holds Inaugural Meeting amid Exodus
The governing body of the proposed Facebook Stablecoin, Libra Association met on Monday in Geneva, Switzerland. The now 21 member association met in the Swiss to review a charter that defines the structure of the organization and to appoint a five members board of directors.
In addition, the five-member board comprises of Facebook’s Libra project lead David Marcus, representatives from non-profit Kiva Micro funds; PayU, venture capital firm Andreessen Horowitz and Xapo Holdings Limited. Reportedly, major decisions will require majority votes from the ruling council. Proposed changes in either membership of management must pass by a majority vote of two thirds.
Originally 28 founding members formed the association. They would each invest $10 million into the Libra Stablecoin to gain membership and voting rights. However, the coalition has been faced with a significant exodus of key backers with Visa, PayPal, MasterCard, Stripe, eBay and Booking abandoning the project. This is due to increased regulatory concerns.
According to reports, the only remaining payment company in the association is PayU which is based in the Netherlands. However, the firm does not operate in the U.S., Canada, the Middle East and most parts of Africa.
Optimism with the Libra Project
Furthermore, the Libra Association is still optimistic about the Libra Stablecoin despite the key departures. Head of policy and communications at Libra Association, Dante Disparte told Reuters that the recent abandonment by key backers is “a correction; it’s not a setback.”
Regarding matters regulations, European heavyweights last month threatened to block Libra cryptocurrency from EU. U.S. lawmakers have grilled project head David Marcus severally. The CEO of Facebook, Mark Zuckerberg will face Congress next week to answer questions regarding the digital currency.
In conclusion, despite the high departures from the Libra Association; the association claimed that close to then 1500 organizations have expressed interest to be involved in the project.
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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