On Monday, Facebook officially signed the Charter with 21 firms to launch Libra. Libra is the new digital currency proposed by Facebook. It has become infamous for the various controversies surrounding it in recent years. It has faced resistance from U.S. lawmakers and politicians alike.
The non-profit association behind Libra called The Libra Association on 14th October has signed on 21 charter member in an inaugural meeting in Geneva.
Originally, the association had 28 members and was expected to get above 100 members before its official launch. However, the list has now trimmed down and only 21 members remain. As previously reported by fintechcryptonews, the latest member to leave the association was PayPal. Other members who have exited the association include prominent names like Mastercard and Visa.
Out of the remaining members, the association has mostly venture capitalists that are interested in new technologies and also align with the non-profit and Facebook’s interest. But it also includes some known companies like Uber, Vodafone, Spotify, and Lyft.
In a statement, the association said some 180 unnamed entities have also expressed interest to join the Libra Project. It was also said that these members have already met the initial requirements for joining.
Facebook has been surrounded by criticism since introducing this idea of a separate, secure and private currency system to allow for easy cross border payments.
The Social Network Company has been under the microscope by lawmakers and regulators alike for a chain of data privacy scandals. Politicians are of the mind that this privacy issue will be spilled over to the new digital currency as well. It is to be noted that Libra is currently a separate organization.
The California based company has tried to respond to these concerns by creating a legally separate entity for Libra Currency and by now owning the company itself.
But Facebook is still a major part of it. On a global platform, Libra is still accepted as a Cryptocurrency proposed by Facebook. Not just that, one of the Libra’s association directors is a Facebook Executive and co-creator of Libra, David Marcus. One of the Venture Capitalist firms of Facebook Andreessen Horowitz had invested in Facebook before it went public. The firms Katie Haun is also elected as a board member of Libra Association.
Facebook’s CEO Mark Zuckerberg is scheduled to appear before a panel to testify on Wednesday 23rd October. He will talk about privacy concerns and Libra.
Previously, the Libra Association and Facebook had said they will not start trading and depositing Libra until they satisfy the concerns of US regulators.
As per Libra’s head of policy and communication Dante Disparte, the association is in active talks to get approval from the regulators.
Facebook has also listed the help of several lobbyists from Washington to help convince the politicians and regulators for Libra.
The remaining three directors of Libra are Patrick Ellis of PayU, Kiva Matthew Davie of Kiva Microfunds and Wencess Casares of Xapo Holdings Ltd.