Despite the regulatory vagueness around Facebook’s yet to launch Libra token, the independent Libra Association has established a new technical steering committee to guide on the technical development of the Libra stable coin.

Per the latest announcement, the members of Libra Association have voted on five members who set to form a “technical steering committee”. Noticeably, the members of the newly formed committee include experts from several firms in fintech and blockchain space including; Diogo Monica from Anchorage, George Cabera III from Calibra, Nick Grossman from Union Square Ventures, Joe Lallouz from Bison Trails, and Ric Shreves from Mercy Corps.

However, it was stated that the new committee will spearhead the Libra network’s development – from guiding the working group in the form of research, codebase to engaging the Libra development community. More so, the formation of the new committee is a part of the project’s vision as Libra Association tends to be “decentralized, self-governing independent of any one organization’s control”.

Although Libra’s planned launch this year remained unclear, yet the new committee’s technical governance framework and other relevant documents will come forth in the first quarter of 2020. Having said that, how quickly the Libra Association will push the new committee forward is worth waiting and watching. This will be an important development to help get the project on the right track. In 2019, Facebook had to deal with multiple catalysts backing away from the project due to regulatory issues.

Besides, regulators continued throwing their skeptical comments on Facebook’s plan to enter in the global financial industry. Specifically, US lawmakers held two long debates with Calibra CEO David Marcus and Facebook CEO Mark Zuckerberg – however, nothing solid has ever come out. In fact, US lawmakers are majorly viewing Libra as a threat to USD. Besides US lawmakers, other countries including Switzerland are raising their eyebrows which eventually halted Libra’s development as early as this year.

With regulatory consideration, Mark Zuckerberg claimed that Facebook will not launch Libra until it cleared the skeptical views of regulators. On the other hand, the CEO of Ripple blockchain payments firm, Brad Garlinghouse stressed that Libra may not receive regulatory approval before 2023, noting that it would have been completed by now if Facebook wasn’t involved in the project.

 
Image Source – Flickr 
 
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like

Apollo Fintech Completes The First Blockchain National Currency Platform

On August 12, 2020, Apollo Fintech announced that it has completed the development of…

Crypto Markets Add $12 Billion in Value – Bitcoin, Ethereum, XRP, and Bitcoin SV Price Analysis

It was a wild day in cryptocurrency as a majority of the…

Bitcoin Investor Files A Lawsuit Against IRS For Obtaining His Private Financial Data

James Harper, a Bitcoin investor out of New Hampshire has filed a…

Matic Network, Harmony and æternity join Telangana Blockchain District’s Accelerator program as Official Platform Partners

Commits to provide Go-to-market and Technology implementation support and grant access to…

Tunisia Technically Becomes The First Nation To Issue A Central Bank Digital Currency

The benefits of digital currencies for developing nations have been touted for…
CanCoin: A Solution For The Growing Legal European Cannabis Market

CanCoin: A Solution For The Growing Legal European Cannabis Market

You may have heard about some movie theaters accepting crypto payments, as…

UK FCA Hints At XRP Potentially Being An Exchange Utility Token Hybrid, Non Security

FCA Mentions XRP in July 2019 Report. XRP Ongoing Debates – Security…

EU Clarifies Its Stance on Facebook Libra

In November 2019, the European Member of Parliament for Malta wrote a…

Samsung Collaborates With Gemini To Support Crypto Trading

Samsung, a major electronics manufacturer based in South Korea, recently revealed that…

Samsung Continues to Expand Its Reach Into the Crypto Sector

Samsung becomes the first major phone developer to create a crypto wallet…