Facebook Inc , whose digital currency project Libra has been abandoned by severa...
The exodus followed intense skepticism from global policymakers and regulators in the United States and Europe who worry Libra could upend the global financial system, threaten users’ privacy and facilitate money laundering.
Federal Reserve governor Lael Brainard reiterated those concerns on Wednesday, saying at a separate event in Washington that the Libra project “must address a core set of legal and regulatory challenges” before it can go live. Facebook is left without the backing of any major payments firms for the project, due to launch by June 2020. Speaking at the IMF event, Marcus said around 1,600 entities globally had initially expressed an interest in joining the project and that Libra should have “no problem” reaching its goal of launching with 100 members. On Monday, the Libra Association’s 21 remaining members forged ahead, holding their inaugural meeting in Geneva and selecting a five-member board. Marcus said it was now in Libra’s hands to run a process to select more members. He added that Libra also needed time to build up its staff to address the regulatory issues, rather than Facebook “carrying that flag.”
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