Led by FacebookLibra cryptocurrency serviceEarlier, the Libra Association, which is responsible for the operation of related services, held aThe first members meeting.
After eBay, Visa and other industry players followed PayPal in expressing their intention to withdraw, Booking Holdings, which was also one of the founding members, also announced earlier that it would withdraw from the Libra Association. The reason is that it currently has reservations about the operation and development of the Libra cryptocurrency. As a result, the Libra Association, which originally had 28 founding members, currently has only 21 members continuing to support it.
At its first meeting, the Libra Association officially appointed five board members, including David Marcus, Facebook's former head of blockchain technology applications and current CEO of Calibra; Wences Casares, CEO of secure storage service Xapo; Katie Haun, co-partner and blockchain project lead at venture capital firm Andreessen Horowitz; Patrick Ellis, general counsel at payment service PayU; and Matthew Davie, head of strategy at Kiva.
A large portion of the meeting focused on establishing organizational structures, such as electing the aforementioned board members, voting on proposals, and adjudicating controversial projects. Moving forward, the Libra Association will still have to address skepticism from governments around the world regarding the Libra cryptocurrency, particularly in the United States, where it will face scrutiny from the House of Representatives.
Prior to this, David Marcus had stated thatGovernment agencies are concernedPreviously, the Libra cryptocurrency service would not be put online, but it was also emphasized that the goal was to make this cryptocurrency circulated and used in 2020.
Because Facebook emphasized that the Libra cryptocurrency will be interchangeable with government fiat currencies, with the US dollar accounting for the largest proportion, it immediately attracted the attention of the US government, which hoped that Facebook would provide further explanation and even believed that if Facebook was ready to enter the development of financial-related businesses, it must comply with existing financial regulations.
