Libra Association Holds Inaugural Meeting, Forms Board
Aaron Wood's original article for cointelegraph.com reduced by 44%
The Libra Association, the governing body of Facebook's proposed stablecoin, held its inaugural meeting today in Geneva, Switzerland. Libra Association sets rules for governanceIn addition to explicitly stating their interest in the project, the consortium's 21 members also formed a five-member board and agreed to interim articles of association which, according to Swiss law, must describe how the organization will be governed. Backers flee Libra AssociationToday's meeting in Geneva follows a spate of withdrawals from former consortium members.
Earlier today, Booking Holdings, the owner of travel sites booking.com, priceline.com, agoda.com and Kayak, withdrew from the Libra Association. According to Reuters, the only remaining payments firm in the Libra Association is Netherlands-based PayU, which purportedly does not operate in the United States, Canada and many areas in Africa and the Middle East.Cause for optimism?The Libra Association is apparently remaining optimistic about going ahead with the project. Dante Disparte, the head of policy and communications at Libra Association, told Reuters that the recent flight of major backers is "a correction; it's not a setback." However, Disparte further admitted that the coin could face delays as regulators continue to scrutinize the project.
Earlier today, United States Treasury Secretary Steven Mnuchin said that the firms left Libra because it was not "Up to par" with American Anti-Money Laundering standards.
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