Crypto News

The  Facebook backed Libra Association has agreed a governance structure after holding their inaugural meeting in Geneva, Switzerland.

This follows the setback of losing seven high-profile participants, including PayPal, Visa, Mastercard, and Ebay, who chose not to participate further with the project.

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Crypto News

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The  Facebook backed Libra Association has agreed a governance structure after holding their inaugural meeting in Geneva, Switzerland.

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This follows the setback of losing seven high-profile participants, including PayPal, Visa, Mastercard, and Ebay, who chose not to participate further with the project. In fact,  25%  of Libra’s original members have now withdrawn.

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Facebook seem determined to press on regardless to establish a stablecoin, and CEO Zuckerberg is due before the US Congress to testify on October 23rd.

The Libra Association, is controlled by the Libra Association Council, which has now been confirmed by the remaining 21 initial members. Each of these was required to make a minimum investment of $10 million to secure a position.

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Moreover, each $10 million investment grants an entity one vote on the council, although no council member can acquire more than 1% of total votes, quite wisely, to prevent a monopoly forming.

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