The governing body of Facebook’s cryptocurrency, The Libra Association, organized its first meeting on 14 October in Geneva, Switzerland. As reported by Reuters, the meeting saw the association confirming the previously stated objective of initiating a payment based stablecoin balanced by several stable fiat currencies.
The assembly saw the association highlighting their mutual interest in the cryptocurrency in addition to the 21 members forming a 5 member board. The five-member board consists of David Marcus, Vice President of Messaging Products at Facebook, officials from Kiva Microfunds, a nonprofit organization, PayU, Xapo Holdings Limited, and venture capital firm Andreessen Horowitz.
All the major decisions of the organization would require a majority vote by the ruling council while changes to membership or organization management criteria would be passed by a two-thirds majority. The meeting saw The Libra Association accepting the interim articles of the board which as per the laws of the government of Switzerland must state the governance rules of the organization.
The meeting comes in light of the recent flurry of withdrawals of former member associates. Just recently, booking.com’s owner, Bookings Holdings, agora.com, Priceline.com, and Kayak announced their withdrawal from the Libra Association. Other businesses confirming their withdrawal also include Mastercard, Visa, eBay, Stripe and PayPal.
This has turned out to be a major setback for Facebook’s digital currency because as of now the only payment firm still associated with the Libra Association is PayU, a Netherlands based payment firm. The downside about this is that PayU is currently inoperable in the United States, Canada, parts of Africa and the Middle East.
The company isn’t letting the withdrawals get to them. Dante Disparte, head of policy and communications at Libra, stated that the company is acknowledging the recent withdrawals as a form of correction and not as a setback.