Libra Association Holds Inaugural Meeting In Switzerland, Forming A Board

The Libra Association is in the latest cryptocurrencies news again, this time for holding an inaugural meeting and forming a board based on the meeting’s objective. The location this time was Geneva, Switzerland, where the Libra Association and the entire consortium reaffirmed the interest in creating a payments-oriented stablecoin which would be balanced by a basket of various fiat currencies.

Aside from the explicit interest in the project, the consortium and the 21 members of the Libra Association 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.

Most of the major decisions will apparently require a majority vote of the ruling council. However, the proposed changes to membership or management of the reserve must pass by a two-thirds majority, the Libra coin news today show.

What’s interesting is that the five member board features big shots such as Facebook’s David Marcus, representatives from the non-profit Kiva Microfunds, PayU, venture capital firm Andreessen Horowitz as well as execs from Xapo Holdings Limited.
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The meeting in Geneva follows series of withdrawals from former consortium members. Earlier today, Booking Holdings (the owner of booking.com, priceline.com, agoda.com and Kayak.com) also withdrew from the Libra Association. This came as another hit in the face for Libra’s consortium which managed to lose partners in the likes of PayPal, Visa, Mastercard, eBay, Stripe and others.

According to reports by Reuters published over the past week, the only remaining payments firm in the Libra Association is the Netherlands-based PayU which does not operate in the United States, Canada and many areas in Africa and the Middle East.

If we round up everything, we can say that there is still some optimism towards Libra and the Libra stablecoin. According to Dante Disparte who is the head of policy and communications at Libra, the recent withdrawal of major backers is “a correction and not a setback.” Disparte also admitted that the coin could face delays due to regulators continuing to scrutinize the project.

Earlier today, the US Treasury Secretary Steven Mnuchin talked about the Libra Association and said that firms left Libra because it was “not up to par” with the American Anti-Money Laundering (AML) standards. He also added that if the project is not compliant when it launches, it could result in action from the Financial Crimes Enforcement Network.