LONDON/SAN FRANCISCO (Reuters) – the financial Backers of Facebook Inc’s (FB.(O) Scale cryptocurrency project has committed itself to forging ahead as a five-member board of directors on Monday, shrugging off the newest member of overflowing with online travel Booking, Holding, earlier in the day.
FILE PHOTO: A small piece of a toy figure standing on the representations of the virtual currency in the front end of the Scale, the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/Image/File Photo
“It’s an adjustment; it is not a problem,” said Dante Disparte, head of policy and communication for the Scale’s Association, of which, 21, the remaining members held their first meeting in Geneva.
The owner of the Priceline, Kayak, and Booking.com on Monday, it confirmed that it had pulled out of the group, which is trying to bring digital currencies in the mainstream market.
Libra has lost the latest global payments to backers on Friday, when Mastercard Inc. (MA.(N) and Visa Inc (V. N), leaving the Geneva-based Scale Organization. EBay Inc. (EBAY).D), the fintech startup of the Line, and the payments to the company, Mercado Pago, also pulled the plug.
The exodus followed warnings from politicians and regulators in the United States, to Europe, and that the Balance, threatening to disrupt the world’s financial stability, and the undermining of the right to privacy of the users and the facilitation of money laundering.
In the last images, following the departure of PayPal’s Holdings, Inc. (PYPL.(O) on the Scale’s Association early this month. Keep it on Facebook without the help and support of all of the payments from the project, due to be launched by June, 2020.
Disparte is recognized that the digital currency is that the legislation could push back the launch date.
At the meeting in Geneva, the members agreed to the interim articles of association, will explain how the business will be operated, as required by the Swiss law, according to a fact sheet provided by the Scale’s Association.
Most of the decisions requiring a majority vote of the members of the group, the board of directors, even though the changes in the membership or in the administration of the reserve would require a two-thirds supermajority.
The group elected five people to serve on the board of directors, including those of Facebook ‘ s David Marcus, as well as representatives from PayU, one venture firm Andreessen Horowitz, blockchain company, Xapo Holdings Limited, a non-profit, Kiva Microfunds.
The association is one of the prominent remaining members are, amongst others, Vodafone Group Plc (VOD.(L) and a ride from the companies Uber Technologies Inc. UBER.(N) and Lyft, Inc. (“LYFT.D).
The only payments company, is based in the Netherlands, PayU, that is, according to its website, has been active in the United States, Canada, and many parts of Africa, and the Middle East.
With the departure of the large companies in the financial, it means that Facebook will no longer rely on a world-wide player, to help consumers, their currency is in the sign of Libra, and to facilitate the transactions. It is a stone of stumbling and for Libra’s efforts to convince regulators and politicians across the sale of of safety.
- Factbox: Facebook is the Scale of the problem as the companies have to jump ship
France promised last month to block the Scale of operations in Europe, the Bank of England, and was constructed of high hurdles it must meet to be started. In the U.S., the Federal Reserve Chairman, and Jerome Powell, has also been proposed that the project can’t advance, before the issues were assuaged.
Scales have been announced, as Facebook expands into e-commerce, you will be backed by a pool of real-world assets, including bank deposits and short-term government securities, and under the control of the Scale bar Association.
The structure has been designed in order to boost confidence and stabilize the volatility of the prices of which are pests of cryptocurrencies, and that makes them impractical for trade and payments.
Report by Tom Wilson, and the two take an instant dislike to Paul; additional reporting by ankit Ajmera in Bangalore and Peter Henderson in San Francisco; Editing by Pravin Char and Lisa Shumaker