An eponymous nonprofit association based in Geneva will oversee the blockchain-based Libra, maintaining a real-world asset reserve to keep its value stable. The initiative has the potential to allow more than a billion “unbanked” people around the world access to online commerce and financial services, said Libra Association head of policy and communications Dante Disparte. Libra Association debuted with 28 members including Mastercard, Visa, Stripe, Kiva, PayPal, Lyft, Uber and Women’s World Banking. The Libra Association will be the only entity able to “mint or burn” the digital currency, maintaining supply in tune with demand and assets in reserve, according to Barel. Analyst and cryptocurrency investor Lou Kerner said Facebook’s move has the potential to open the door for cryptocurrency to a wider public.

Source: The Guardian June 18, 2019 09:56 UTC