Facebook's Libra announces board as support shrinks further

Darnell Taylor
October 18, 2019

The membership departures came after U.S. senators sent letters to several financial firms noting that they could face "a high level of scrutiny from regulators" if they participated in the new currency plan. This presents a new stumbling block for Libra's efforts to convince regulators and politicians about the coin's safety.

The golfing analogy was not lost as Facebook gets buried deeper in the digital rough while its crypto project partners run for the hills.

"The Libra project, more than anything else, is a positive reflection on the existence and growth of Bitcoin". "PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations", the company had issued a statement explaining its reasons.

The Financial Stability Board (FSB), which coordinates rules for the G20 nations, has also said that stablecoin projects pose a host of challenges to financial stability, compliance, investor protection, data privacy and protection, among others.

The California-based company tried to answer those criticisms by creating Libra as a legally separate entity through the Libra Association, and by not owning Libra itself, but Facebook is still involved, even at arm's length.

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"We have reputable companies that are also very active in the financial and banking space".

"Will Libra survive? I wouldn't write off the initiative yet, but the Libra Association's work has become much, much harder", Bennett added. A number of Blockchain companies, venture capital firms and Vodafone are founding members of Libra.

Already an ambitious project Facebook will now try to meet its 2020 launch date without the help of eBay, Visa, Mastercard, or PayPal - the four largest payment providers in the world - and under the watchful eye of regulators which have already flagged several concerns with Libra.

Other executives include Bertrand Perez, as Chief Operating Officer (COO) of Libra Association and interim managing director, who also functions as the chairperson of the five-member board of directors and Dante Disparte, is the Head of Communications and Policy at Libra. The project has shaken regulatory bodies across the globe, as it seems terrifying to countries worldwide. He said: 'With such a big project and the vision that we're having, launching a few quarters later or before makes no real change'. No one knows when the project will eventually launch, but many believe it would launch definitely.

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