Haters gonna hate, but a locomotive called Libra continues to make its way. Despite the withdrawal of large partners from the game, 21 organizations signed the charter of the Libra Association in Geneva. In addition, the association approved a board of directors and formed an executive group of the consortium.
Despite pressure, the Libra Association stated that more than 1,500 organizations have expressed interest in joining the project, with 180 meeting membership criteria. Two-thirds of the votes of 21 members of the board are needed to add new members to the project. It turns out that the big players were afraid, and the smaller ones felt some appetite for risk.
In addition to Calibra, the major player in the project, the association includes Coinbase, Xapo, Anchorage, Bison Trails, Creative Destruction Lab, Andreessen Horowitz, Thrive Capital, Ribbit Capital, Union Square Ventures, Breakthrough Initiatives, Illiad, Vodafone, Farfetch, Uber, Lyft , Kiva, Mercy Corps, Women's World Banking, Spotify and PayU, as per a press release. No previously unknown participants were included in the list.
Of course, Facebook is still a key one. Calibra CEO and Facebook blockchain expert David MARCUS took a seat on a five-member board. Other board members include representatives from Andreessen Horowitz, Xapo, PayU, and Kiva.
An amazing irony: despite the fact that the project was abandoned by PayPal, its “graduates” have remained and will play leading roles in the executive team of the association. These include Bertrand PEREZ, Dante DISPARTE and Kurt HEMECKER.
From a technical point of view, Facebook representatives did not publicize their achievements.
The stablecoin is planned to be backed with a basket of fiat currencies, including:
Ministers in France and Germany oppose the project and are proclaiming the ban of Libra in EU; India outlawed it, and Rep. Maxine WATERS in the United States called for a moratorium on the project until all regulatory issues are resolved.
According to Reuters, it became known that on October 17, the G7 working group submitted a report in Washington, which states that stablecoin projects should not be launched until all international risks are excluded. As Benoit COEURE, member of the Executive Board of the ECB said:
“The G7 believes that no global stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks.”
While Facebook initially focused on a launch date in early 2020, recent events have cast doubt on this schedule. It seems that any delay in launch will be caused by regulatory issues more than by technical ones.