Facebook's original target launch date for the Libra cryptocurrency is still months away, but hurdles are mounting for the project as it tries to get off the ground
With Libra, developed by Facebook , the goal is to create a universal currency and payments system that users can access from their smartphones. Shortly after its announcement in June, however, lawmakers around the world raised concerns about its implications for financial markets, cyber crime and consumer privacy, and those objections have only gotten louder.
The group was built to help engender trust in Libra by distributing the influence over, and profits from, the currency among many companies rather than just Facebook. If more partners drop out, it may chip away at whatever public confidence remains in the independent organization overseeing the currency.In the face of this threat, the Libra Association wants the world to know it has no intention of backing down.
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