Since the day Facebook announced the launch of its cryptocurrency, Libra has to appear on news bulletin every new day. Today, CNBC reported that Facebook’s CEO Mark Zuckerberg and head of Libra Association, David Marcus talks about central bank involvement into Libra Association and what does 100 members for Libra Association really mean.
Mark Zuckerberg Talks About Libra Association
As stated by Facebook on it’s Libra Whitepaper, Libra Association is a non-profit organization which takes charge of its cryptocurrency – however, it has revealed the names of few of its founding members whilst aiming to reach 100 members by upcoming year. On June 29, 2019, CNBC shared a clip of Facebook’s CEO speaking about Libra Association, he states that;
— CNBC’s Fast Money (@CNBCFastMoney) June 26, 2019
Building the financial system is not the kind of thing that company can do buy and sell – so that again – we helped and played a role in standing strong but the Libra Association is an independent organization and we’ll have one vote in it – by the time we hope to have 100 founding companies and we’ll be one of the voice.
We’d Love Central Bank Experience – Head of Libra Association
Besides Zuckerberg, David Marcus who is the in charge of Facebook’s Libra Association strongly believes that a person with experience in Govt and Central banking activities will be one of the great assets for Libra. In Marcus’s words;
“We need someone who knows how economies tend to work, who understands how to operate in a very complex, decentralized governance type of environment.
He continued adding that a person would also be a great leader who will be able to “carry the message on behalf of all the members”. Marcu told The Information in a Q&A published on June 28, 2019; that someone will be better;
Rather than have each and every one of us have piecemeal conversations left and right with all of the different governments and regulators that this whole network will be subject to.”
Moreover, addressing to an earlier report released by NewYork Times Report” that reads “Banks like Goldman Sachs and JPMorgan Chase” rejected Facebook’s invitation to join Libra Association, Marcus reportedly denied and also stated “they absolutely & strongly deny” the report. He says that the talk is still going on and hopes to get strong banking players as members of Libra Association
“I want to absolutely and strongly deny the fact that we’ve approached banks and banks have said no,” Marcus said. “We have had conversations with banks. We still have conversations with banks. And my expectation is that by the time this thing launches next year you will have banks that are going to be members of this.”
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com