September 27, 2020

Libra Association Holds First Board Meeting

Libra Association Holds First Board Meeting

Libra Association, which runs the Facebook stable coin project, is not about to give up. AT This Monday, the association formed a five-person board of directors and adopted provisional charters that should regulate the organization’s activities in accordance with Swiss law.

The most important company decisions will be madeby a majority vote of the members of the board of directors, while the proposed changes in their composition or management of the company will require two-thirds of the votes to approve the decision.

The board of directors includes David Marcus,representative of Facebook, representatives of non-profit organizations Kiva and PayU, representatives of venture capital firms Andreessen Horowitz and Xapo Holdings Limited.

Earlier today, Booking Holdings, the ownertravel sites booking.com, priceline.com, agoda.com and Kayak, announced their withdrawal from the Libra Association. Recall that previously the project left the company Mastercard, Visa, eBay, Stripe and PayPal. According to Reuters, the only payment company in the Libra Association remains the Dutch company PayU, which does not operate in the United States, Canada and many regions of Africa and the Middle East.

Dante Dispart, Head of Communications at LibraAssociation, said the recent departure of large companies is a “correction, not a failure." However, Dispart also acknowledged that coin issuance may be delayed due to regulatory pressure.

According to the materials cointelegraph.com