Based on a recent report, Social media giant Facebook and its several partners are set to introduce Libra Association which will be in charge of its specially designed virtual currency— Libra.
Libra Association will be Based in Europe
The organisation is expected to be located on the outskirts of Geneva and will supervise the firm’s Libra digital currency project.
Also, while making the announcement, the company will launch the testnet of its blockchain.
Libra crypto asset will reportedly be hosted on the Libra Blockchain and will be supported by the Libra Reserve which reportedly stores real assets which might allow the token to have stability, fungibility, low inflation, and be accepted worldwide.
The software which will be operating the network is reportedly open-sourced and is registered under the Apache 2.0 licence of which Facebook hopes that it will assist people who are unable to access the financial system. Moreover, the firm has made it known that it intends to keep its focus on regulatory compliance
The publication released states that:
“Collaborating and innovating with the financial sector, which includes regulators and experts across a variety of industries, is the only way to ensure a sustainable, secure, and trusted framework underpins this new system.”
Facebook is Likey to Launch its coin on June 18th
Furthermore, an earlier report revealed that several sources expect the social media giant to introduce its virtual currency on the 18th of June.
A recent report stated that:
“It is currently scheduled for a June 18th release of a white paper explaining its cryptocurrency’s basics,”
In other news, Facebook has allegedly secured the support of over 12 companies for its digital currency project which will soon be launched. These firms include MasterCard, Uber, PayPal, and Visa, and every one of them has reportedly donated 10 million dollars to the cryptocurrency project.