Five-member Committee Formed By Libra Association

News / 17.01.2020

Despite the concerns over the Libra project of Facebook, Libra Association has come up with a five-member Technical Steering Committee. The committee will help in developing and coordinating Libra network’s technical design, specifically the management.

The new development was announced by the Libra Association in a blog post on January 16. According to the Association, the committee consists of five members. Likewise, their roles were highlighted.

The committee will be responsible for guiding the Libra network’s technical road map, the formation of Technical Working Groups for fast-tracking research into certain issues, and to build a healthy and engaged Libra developer community.

Facebook is planning to launch Libra in 2020. However, it is unclear whether the company will be able to please regulators. The five individuals that make up the committee include Diogo Monica of Anchorage, George Cabrera III at Calibra, Joe Lallouz at Bison Trails, Nick Grossman at Union Square Ventures and Ric Shreves at Mercy Corps.

Regulators worldwide have been scrutinizing the proposed stablecoin since it was announced by Facebook. Some time ago, the central bank of Australia said that the proposed stablecoin will be disallowed in Australia even if solid regulations are in place.

Governments in Europe have also criticized Facebook for the proposal of the stablecoin. However, Facebook is planning to introduce it sometime this year and the company’s executives said the development of the project would not continue without satisfying all the regulators.

Featured image courtesy of Getty Images. Source: Cryptopress.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.