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Facebook’s Libra Association vice-chair: need to get three things done before launch

Chayanika Deka

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Libra, invariably because of the potential scale of the project, has been a force multiplier of changing the scope of the conversation.”, said Libra Association vice-chair, Dante Disparte.

Libra did manage to send shockwaves across the halls of Congress and initiate the much-needed conversations about the sector. But considering Facebook’s tryst with the US regulators, it is not hard to imagine that its digital currency Libra might not launch in 2020, the year of US elections.

In a recent interview, Disparte revealed that before its launch, there are three jobs that it needs to execute. He said,

“We clearly are six months into the project that began like many blockchain projects with a humble whitepaper. In it outlines certain things that have to happen, those things still matter and they have to happen in sync.”

He further went on  to add,

“First we have to get the association governance structure and independence and all of that up and running at a level that would support a generational payment system that could support billions of people who are on the margins of today’s payment networks.”

The second job of the Libra Association, according to the exec, is the technology layer has to be robust and resilient. The third job is to get through regulatory and political hurdles.

If all the three aforementioned “jobs” gets done, Disparte believes that it would bring in more clarity and certainty in terms of legitimizing the digital asset.

While talking about the onboarding other organizations for the Libra project, the exec stated,

“As a precondition of launch, we need to have a hundred organizations apart from the association. Hundreds organizations will have a hundred nodes on the Libra blockchain. Therefore, by line of reasoning we absolutely are continuing to grow the prospects of the Association.”

David Marcus, Head of Libra, had previously revealed that nearly 1,600 organizations around the world had expressed an interest in becoming members to form a consortium of companies to oversee the project.

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.