The nonprofit Libra Association based in Geneva will oversee the blockchain-based coin, maintaining a real-world asset reserve to keep its value stable. SEE ALSO :Social media bosses to be held liable for harmful contentMeanwhile French Finance Minister Bruno Le Maire said such digital money could never replace sovereign currencies. Libra Association debuted with 28 members including Mastercard, Visa, Stripe, Kiva, PayPal, Lyft, Uber and Women's World Banking. According to Facebook and its partners, local currencies and Libra may be swapped at currency exchange houses or other businesses. Analyst and cryptocurrency investor Lou Kerner said Facebook's move has the potential to open the door for cryptocurrency to a wider public.

Source: Standard Digital June 18, 2019 23:15 UTC