After it seemed all the big-ones were leaving Facebook‘s backed cryptocurrency, it seems it still has its faithful believers. On Monday, in Geneva, Switzerland, 21 associations agreed to sign the Libra Association charter at last. The Libra Association named its board of directors as well a decision about people who will sit at the executive chairs.
The first chair will be, as expected, Calibra’s CEO David Marcus who named 4 more people as his board fellows. That people are a partner with Andreessen Horowitz Katie Han, then, the CEO of Bitcoin wallet provider Xapo Wences Cesares. Next to him is Patric Ellis who is a general counsel at fintech payment company PayU and there is also Matthew Davie, chief strategy officer of non-profit organization Kiva.
In the association’s executive team there will be PayPal alumnis Dante Disparte, Kurt Hemecker and Bertrand Perez.
Besides Calibra, Libra association also consists of digital currency exchange Coinbase, crypto custodian Anchorage, blockchain company Bison Trails, a startup company Creative Destruction Lab, VC investment companies Thrive Capital, Ribbit Capital and Union Square Ventures.
There are also scientific and exploration company Breakthrough Initiatives as well as telecommunication companies Illiad and Vodafone, luxury retailer Farfetch, hail riding companies Uber and Lyft, non-profit organizations Mercy Corps and Women’s World Banking, already mentioned Xapo, Andreessen Horowitz and Kiva and at last but not the least Spotify and PayU.
The announcement comes after the already mentioned departures from some larger financial companies as are Mastercard and Visa among others. The rest of them are PayPal, Booking Holdings, eBay, Stripe and Mercado Pago.
However, from Libra they confirmed more than 1,500 entities have expressed their interest for cooperation and they’ll need a two-thirds vote by the 21 board members in order to succeed.
When Facebook firstly announced Libra it came immediately with suspicions from the world regulators and governments who decided not to back up the project saying Libra would be bad for monetary order. France, India and Germany strongly opposed and as for Bank of England, on Monday it said it is “drafting strict British Libra regulations around the U.K.”
They confirmed that cryptocurrency will face rigorous regulations whenever it is launched in the United Kingdom.
For now, the Bank of England has put the “yet-to-launch” crypto project on notice and said that, if it is to be allowed, it will have to pass all kinds of monetary inspections.
The ‘Financial Policy Committee’ (FPC) of the central bank explained regulators in Britain will go with the full due diligence of Libra’s functions, its effect on the financial network and see if the nowadays regulations will apply to Libra or not.
Let’s not forget that in August, the chairwoman of the U.S. House Financial Services Committee confirmed that the body will continue inspection of Libra. Congresswoman Maxine Waters then stated that there is a huge need for regulatory scrutiny. She had called for a moratorium and congressional examination of the project already in June when Libra was announced.
Calibra’s Marcus in July testified before the U.S. Congress in July, trying to ease the concerns of the Senate Banking Committee and the House Financial Services Committee by saying the project was not looking to replace the dollar.
It is not known the exact date when Libra should actually be launched and Zuckerberg said that the company would take “however long it needs to convince regulators not to interfere with Libra.”
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