Facebook won't launch Libra, the controversial cryptocurrency it's planning to build with dozens of partner firms, until regulators' concerns are fully addressed, according to Marcus. But Facebook’s cryptocurrency represents the industry’s boldest foray yet into transforming the global financial system. He first conceived of the idea for Facebook’s cryptocurrency when he was on a beach vacation with his family in the Dominican Republic in 2017, when he was the head of Messenger. The Libra Association said it hope it will have 100 members and each member will get equal votes, including Facebook’s cryptocurrency organization. The charm offensive continued Monday, days after Federal Reseve Chairman Jerome Powell raised major concerns about Facebook’s cryptocurrency plans.

Source: Washington Post July 16, 2019 22:30 UTC