- Facebook’s Libra Association appoints Committee to Pilot Technical Growth of the stablecoin
- Regulators Keep Going Back and Forth
Regardless of the issues Facebook’s proposed coin Libra is facing with Regulations, the company is still making plans to enhance the smooth sailing of the coin once it is released. Libra Association, the ruling body of the Libra coin proposed by Social media giant Facebook, recently established a new committee to run the technical aspect of Libra coin.
According to the official press release, Libra Association had chosen to establish a team of five members to run is the technical wing. These five members comprise of prominent experts from several organizations in the financial technology and blockchain sector.
The committee is made up of Bison Trails CEO and founder Joe Lallouz, Anchorage co-founder Diogo Monica, Calibra core product lead George Cabrera III, Union Square Ventures partner Nick Grossman, and Mercy Corps director of emerging technology Ric Shreves.
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By supervising the procedures underlying the Libra network’s innovation, the committee will develop the technical roadmap for the Facebook Libra ecosystem. Also, they aim to create working groups to give priority to assigned ways of study. Similarly, they are to govern the production of a codebase and facilitate an active community in the Libra community.
The official declaration confirms that the development of a distinct committee is in aligns with the Libra venture’s objective of veering into a decentralized and self-governing “independent of anyone organization’s control.” commenting on this, the newly formed committee states that it will publish its rules relevant to technical administration and other relevant records by the end of first Quarter of this year.
Regulators Keep Going Back and Forth
In 2019, Facebook’s assertion on Libra Stablecoin and payment ecosystem, concerning the Calibra wallet steered a ruse in the crypto sphere. It instantly became a vital subject of interest among regulators and legislators as the Social media giant Facebook has a dent in its history of handling data and specifically, user information. Also, Marcus assured that all information associated with Libra coin will be handled separately from data associated with its social media platform Facebook.
Regulators have been going back and forth to determine the right way to categorize the new asset. Sometime in November 2019, U.S regulators released a new law that would place the coin under securities rules. After the bill was passed, the Libra Association secretly amended the proposed coin’s paperwork. The major change was the end of profits that will be paid to early investors. The modification devoid of likely contradictory interests between the Libra Association members and end-users of the coin, but could answer to concerns that Facebook Libra could be classified as a security.