Facebook’s Libra Association kick starts with 21 member’s council, despite the departure of top payment companies

Facebook – led Libra Association in their tweet today stated that they are on a mission to build a better global payment network that can benefit millions of people. They also welcomed the initial 21-member council in the pursuit of the mission.

Facebook planted the seeds about the idea of cryptocurrency in blockchain last May 2019. Later the idea evolved with Libra coin and formation of Libra Association.

Facebook initiated the idea of libra cryptocurrency to explore in the field of financial services in order to provide a better and boarder less service across the globe. Moving forward in the mission for a better prosperous world, Facebook joined hands with several big names.

Initially, along with Facebook, the Libra Association started with PayPal, stripe, eBay, Visa and Mastercard, and more telecommunication and financial services.

Thus with 27 members, Libra Association decided to have Switzerland as their base. Initiatives were taken to set out the rules and regulations of the council and other policies of the association in the inaugural meeting.

There were different opinions expressed among the people regarding the libra Association. The information about Facebook selling personal data is a major setback in this initiation. People were worried about the security of their financial data.

Later PayPal withdrew from the association. Last Friday, just a few days before the inauguration Visa, MasterCard, Mercado Pago announced that they are no longer the members of Libra Association. Following them, booking holdings left the association.

However, others like Coinbase, Creative Destruction Lab, Farfetch, Lliad, Kiva Microfunds, Lyft, Mercy Corps, Ribbit Capital, Spotify, and the rest of the members decided to stay with the association.

Now PayU is the only payment processor that decided to stay with Libra Association. They stated that their and Libra’s mission are alike. They want to build a borderless financial service.

Despite all the odds, last Monday in Geneva, Libra Association had the inauguration meeting and started with a 21-member council.

Facebook decided to take to lead with Facebook executive David Marcus with five board members. The council members are Andreessen Horowitz’s general partner Katie Haun, PayU general counsel Patrick Ellis, Kiva chief strategy officer Matthew Davie and Xapo CEO Wences Cesares.

In the meeting, the members discussed various terms and conditions of the association, which includes a selection of board members and the process of voting. Each member has the right to vote. One-third of the votes will be taken into consideration when it comes to eliminate or add members to the association.

According to CNBC, Every member is expected to invest $10 million to develop the association. In addition, Libra Association stated that as per the plan, they decided to launch the libra currency by the year 2020.

Libra association also stated that around 1500 entities are interested in joining them. Around 180 of them have the potential to join them. In the future, they will undergo the voting process of the council.

For further progress, Mark Zuckerberg will meet the lawmakers from the front of the House Financial Services Committee on October 23, to defend the proposal of libra cryptocurrency

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