Libra Doesn’t Seem To Have Given Up Despite Initial Setback

In yesteryear, the disappointing setback from the lawmakers in some jurisdictions and the central banks across several sovereign nations have hindered the Facebook’s ambitious crypto-project. Amid the abundant troubles revolving around Facebook’s digital currency, the Libra Association doesn’t seem to have given up their objectives of crypto-project, in fact the are beaming up with positive development pertaining to this project.

What engulfs the prospects of Facebook’s crypto-kid: Entire cryptocurrency industry across the globe is under meticulous analysis post Facebook’s announcement of Libra blockchain payment network. The House Financial Services Committee, Federal reserve chairman Jerome Powell had said that the current Libra framework has not absolutely addressed wider concerns around issues such as “Money laundering, data protection, and consumer privacy.” Powell said these concerns “will need to be addressed very thoroughly and carefully,” by Libra.

While adding insult to the injury, the Governor of the Bank of England, Mark Carney, acknowledged the issues within legacy money transfer markets.

Prolonged critics seem to be reluctant on Facebook’s crypto-project when the lingering appreciations on facebook’s crypto-kid ‘Libra’ is supposed to bring in attraction to crypto-avenues, on the flip side, cynics and critics are lining up before its market penetration, an executive board member of the European Central Bank (ECB) has also appended the controversy surrounding Libra, claiming that it is not a genuine cryptocurrency.

Yves Mersch an ECB executive board member, claimed a damning alerts not to be bluffed by Facebook's vague assurances of a decentralized ecosystem.

Libra is back to the drawing board: The Libra Association has designated and authorized the establishment of a technical steering committee that is exclusively dedicated to administer and for implementation of the technical infrastructure of the Libra project.

Michael Engle, a lead developer at Libra, announced that the Libra Association held a meeting on December 16, 2019, where they voted to establish a special panel within the organizational architecture of the Libra project.

The panel dubbed the ‘Technical Steering Committee (TSC)’ that is comprised of five individuals who are tasked to oversee, create, and implement the technical underpinnings of the Libra Project. Additionally, they will design plans for the future development of the blockchain-based venture.

The five individuals who are on the TSC were chosen because they “each contribute a unique perspective and bring valuable domain expertise to the project.” Diogo Monica, George Cabrera III, Joe Lallouz, Nick Grossman, and Ric Shreves were chosen because of their extensive experience within the software and technological innovation space.

Is Deliotte delighting Libra?

Deliotte highlights in its recent report, “the Libra Project is a bold new proposition designed to create foundational financial infrastructure to simplify global money movement, commerce and foster financial inclusion.”

They think that the ‘Libra Project’ is also an ambitious attempt at establishing a harmonized, decentralized open standard for digital identity that transcends borders; addressing risks and meeting regulatory requirements will require thoughtful diligence. Courtesy: BNC & Deloitte

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