Today is Facebook’s big Libra meeting

To be a fly on the wall!

Today is the day the Libra Association meet without MasterCard, PayPal, Stripe and eBay!  

There is soo much to discuss for Mark Zuckerberg and David Marcus including how to deal with the outflow of members. Some of the other companies have publicly voiced their support including Vodafone. It will be interesting to see if any of the other major companies drop out by the end of the US session at 10pm London time.  

Elsewhere, the G7 have said they will not allow Libra to be used until they pass. According to a BBC report, the top countries are worried  cryptocurrencies such as the  threat to the global financial system and it is said backers must ensure the tokens are not used to launder money or fund terrorist activities.

“The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed,”  

“Addressing such risks is not necessarily a guarantee of regulatory approval for a stablecoin arrangement.”

So like all regulatory bodies and governments it seems like they are worried  about all the same things that go on with traditional fiat currencies. Crypto’s are here and I hope Libra gets released anyway just as Bitcoin did. On the calendar, we have the senate meeting were Facebook CEO Mark Zuckerberg is said to be called to answer questions about the proposed stablecoin. Maxine Waters and Co. are ready to grill the Libra co-founder after David Marcus had his turn earlier this year.