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Libra
Libra is a yet-to-be-released cryptocurrency proposed by Facebook, Inc., that will aim to serve as a global payment system and a stable financial infrastructure that people across the world can use.
The projected release date of the libra cryptocurrency is currently slated for 2020, while the project is currently being managed by the Libra Association.
Headquartered from Geneva, Switzerland, the Libra Association main purpose is founded on three pillars.
This includes the provision of a framework of governance oversight for the Libra network and Libra reserve, overseeing active operations and longevity of the Libra payment system, and facilitating the flow of services of the Libra Blockchain.
The Libra Association is overseen by the Libra Association Council.
This is comprised of organizations from the technology, telecommunication, payment, blockchain, venture capital, and nonprofit sectors.
The creators of the coin are Morgan Beller, who initially started working on cryptocurrency and blockchain technology at Facebook in 2017, David Marcus, and Kevin Weil.
Before the announcement of the Libra cryptocurrency on June 18th, 2019, Facebook had been considering coining the digital currency GlobalCoin or Facebook Coin.
Will Libra Ever Launch?
Facebook has expressed multiple times that they will not launch the Libra cryptocurrency until all regulatory matters have been met.
Facebook CEO Mark Zuckerberg has since assured lawmakers that Libra would not launch without first acquiring approval from United States regulators.
Past participants of the Libra Association who left in October of 2019 include PayPal, eBay, Book Holdings, Mercado Pago, Visa, Stripe, and MasterCard.
It should be noted that the source code for Libra is written in Rust that is open-source through the Apache License.
What’s unique about Libra is that it will not depend upon cryptocurrency mining while only members of the Libra Association will be in a position to validate and process transactions.
Facebook plans to launch a digital wallet known as Calibra in 2020, which will serve as an avenue for acquiring Libra along with Facebook Messenger and WhatsApp.
Related Articles
Shopify Joins Libra Association After Exodus of Payment Giants
- With the new addition, the association now has 21 members.
Vodafone Exits Libra as Central Banks Threats Mount
- The Libra Association is now left with 20 members.
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‘Hell No’: Jack Dorsey’s Strong Response Against Joining Libra
- He criticized the project, even calling it a “gimmick.”
Facebook Would Quit Libra if US Regulators Show Red-Light: Zuckerberg
- 7 original members of the LIbra Association already left the project.
Libra Association Partners are Yet to Make Any Monetary Commitment
- Mark Zuckerberg is about to testify on Libra today before Congress.
Facebook Not the ‘Ideal Messenger’ for Libra: CEO to Tell Congress
- He will also warn the committee about the Chinese attempt to capture the industry.
‘Banks and Financial Institutions’ are Likely to Become Libra Members
- The association currently has 21 members.
Facebook Officially Signs Charter with 21 Remaining Libra Members
- 1,500 companies are trying to fill the gap created by seven ex-members.
Libra Takes Another Hit as Chief Product Officer Leaves
- The departure of the executive comes barely five months after he originally joined the startup back in April.
EU Finance Commissioner Wants to Regulate Crypto
- Regulation for digital currencies has become a hot topic of debate in Europe.
PayPal Becomes the First to Withdraw from Libra Association
- Multiple other members are also considering to leave the project.
Libra Not Threat to Fiat, Says Libra Exec
- It is the second time this month that an executive working on the cryptocurrency has tried to reassure policymakers
Facebook Wants COO Sheryl Sandberg to Testify in the US
- She will address questions on concerns over Libra.
Half of Libra’s Fiat-Basket will be Backed by US Dollar
- The company confirmed that the Chinese yuan will not back Libra.
Germany Passes Blockchain Strategy to Push Back Facebook's Libra
- A G7 committee earlier warned about the risks of Libra in the global economy.
Libra Not Threat to Sovereignty, Says FB Exec
- David Marcus, the cryptocurrency's co-creator, said it needs fiat currencies to function properly
France to Block Facebook’s Libra in Europe
- The company approached the Swiss regulator for a payment system license.
FINMA to Strictly Scrutinize Libra for Payment System License
- The regulator will focus on anti-money laundering standards of the project.