Home / Business / Facebook share rises: 21 founders launch wave for digital currency in Geneva | 15/10/19

Facebook share rises: 21 founders launch wave for digital currency in Geneva | 15/10/19

Facebook continues to build its global cryptocurrency wave despite the exit of large investors.

On Monday, 21 founding members adopted a charter in Geneva and appointed the Libra Association leadership for the digital currency.

As the Libra Supervisory Board, based in Geneva, said, the members of the Charter agreed on the principles of the project. The introduction of the digital currency is planned for next year.


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The Board of Libra Association has selected five people, including David Marcus from Facebook and representatives of PayU, venture capital firm Andreessen Horowitz, blockchain company Xapo Holdings and non-profit organization Kiva Microfunds. Additional members of the association are Vodafone and Mitfahrdienste Uber and Uber and Lyft.

The central banks' concerns

Facebook wants to speed up with Libra according to its own data on the one hand payment processes and on the other about a billion people without a bank account facilitate a connection to financial flows. The idea, however, was met in part with politicians and central banks for hard resistance. Although Facebook rejects concerns that the digital currency may disrupt the sovereignty of central banks. According to previous plans, Libra will be backed up one by one with a basket of stable currencies and government bonds.

When the Libra Project was announced in mid-June, it included 28 founding members. The online auction house Ebay, the online payment services Stripe and Paypal as well as the two credit card providers Mastercard and Visa came out of the project. According to US media, there is concern about the enormous regulatory resistance.

The planned digital currency may play an important role in the international monetary system in the long term due to the potential number of users ̵

1; Facebook has around 2.4 billion registered. [19659010] In the Nasdaq trade, Facebook shares rise 3.29 percent to $ 189.31.

London / San Francisco (awp / sda / male / afp)

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