Facebook says ‘Libra Association’ to take control of Libra
Facebook has an answer to its cryptocurrency project critics: the Libra association. The company said that Libra Association is an independent group and a Switzerland-based organization that will manage the digital currency.
A coalition of companies and nonprofit organizations, Libra Association is introduced by the social media giant as a buffer between the company and the digital currency. Facebook also claimed that no company, not even Facebook, has an outsized influence over the new digital currency.
Currently, the Association has 28 founding members but plans to expand up to 100.
However, critics said that the founding members of the association to take care of the digital currency have close ties with the company.
“When the white paper said Facebook will be just one of 100 members, you can see with your own eyes that’s not quite true,” said Katharina Pistor, professor at Columbia Law School.
Libra is set to be launched next year as David Marcus said they are waiting for Libra to get regulatory approval.