Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Libra co-creator David Marcus: 'There is no shortage of desire and shared mission to join this effort'

Libra co-creator David Marcus: 'There is no shortage of desire and shared mission to join this effort'

The co-creator of Facebook-backed cryptocurrency libra said there is still strong demand from organizations to join the project.
Facebook has helped form a Switzerland-based consortium of companies known as the Libra Association, which will oversee the cryptocurrency project.

The group, which began with 28 partners including Facebook, has lost seven founding members since the start of the month, with key payment backers Mastercard, Visa, PayPal and Stripe all jumping ship.

The co-creator of Facebook-backed cryptocurrency libra said there is still solid demand from organizations to join the project, despite several high-profile dropouts in recent weeks.

“We have at the Libra Association about, I think, 1,600 organizations around the world that have expressed an interest in becoming members. Out of these I think about 180 meet the high bar, the criteria, that was set by the Association to become a member,” David Marcus, who heads up Facebook’s Calibra digital wallet subsidiary, told CNBC’s Elizabeth Schulze Wednesday.

He later added that “there is no shortage of desire and shared mission to join this effort.”

Speaking at an IMF (International Monetary Fund) panel, he said the project needed to clear various regulatory hurdles before established financial firms would also look to join.

“We absolutely need banks. And I believe that banks will ultimately join,” he said.

“I think it’s harder for very large regulated entities to take an active part in this fight right now, given the climate and the pressure. I think that once we’ve done a really good job as the Libra Association to address these concerns ... but it will take time for us to address all the regulatory concerns that were raised and it’s our duty and our responsibility to come with answers to all of these questions,” Marcus added.

Facebook has helped form a Switzerland-based consortium of companies known as the Libra Association, which will oversee the cryptocurrency project. The group, which began with 28 partners including Facebook, has lost seven founding members since the start of the month, with key payment backers Mastercard, Visa, PayPal and Stripe all jumping ship.

The organization is still plowing ahead with its plans though. The remaining members recently signed up to a founding charter and appointed a board of directors. Bertrand Perez, Libra’s chief operating officer and interim managing director, has said he sees the group hitting its target of 100 members by the time the libra coin launches. IBM has said it is open to working with Facebook on its digital currency efforts.

The proposal to create a cryptocurrency underpinned by a basket of global currencies has been hit with a wave of opposition from regulators around the world. The fear for many authorities is that libra could heavily disrupt the financial system and potentially enable illicit activities like money laundering or terrorist financing.

Facebook’s various data privacy blunders haven’t helped either, with global policymakers and data protection watchdogs worried about the implications of libra for consumers’ personal information.

In Europe, France and Germany have both threatened to block the digital asset, arguing “no private entity can claim monetary power, which is inherent to the sovereignty of Nations.” Marcus has however argued that libra wouldn’t threaten any country’s sovereignty, as the Libra Association isn’t minting new money but pegging the token’s value to existing currencies like the dollar.

Central bankers have also issued warnings to Facebook over its digital currency ambitions. Benoit Coeure of the European Central Bank for instance has said the bar for approval when it comes to so-called stablecoins like libra “will be high,” while Federal Reserve Chairman Jerome Powell flagged “serious concerns” with the token and said the U.S. central bank has set up a working group to examine it.

Facebook CEO Mark Zuckerberg is set to appear before U.S. lawmakers next week to address questions over libra. Marcus had initially appeared before the House Financial Services Committee back in July, but members of the committee had pushed for Zuckerberg to appear rather than his deputies.

Marcus added on Wednesday that the libra project was launched well ahead of formal implementation to effectively test the waters and make sure that all regulatory challenges had been dealt with.

“We’ve said this from the beginning that this is why we’ve announced libra well, well before even starting any implementation plans, because we agree that this has to meet the highest regulatory standards and address all concerns before moving forward,” he told CNBC.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
×