Facebook’s Cryptocurrency Will Be Managed By A Specially Created Association

Facebook CEO Mark Zuckerberg said that a specially created association of 21 members will be managing the Libra cryptocurrency project, and Facebook does not plan to head it, acording to the statement issued on the website of the U.S. House of Representatives. 

“I get that I’m not the ideal messenger for this right now. We’ve faced a lot of issues over the past few years and I’m sure there are a lot of people who wish it were anyone but Facebook that was helping to propose this,” Zukreberg said. 

“Even though the Libra Association is independent and we don’t control it, I want to be clear: Facebook will not be part of launching the libra payments system anywhere in the world until US regulators approve”, the statement notes. 

Facebook announced its participation in the project in mid-June. Facebook’s Calibra division will create a cryptocurrency and a special crypto wallet. Libra is expected to launch globally in the first quarter of 2020, with testing beginning in late 2019. 

Calibra wallet will be available in Messenger, WhatsApp and as a separate application. Cryptocurrency will allow both to pay for goods and services, and to transfer funds.