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Facebook Is Looking for Managing Direction with Central Banking Experience to Supervise Libra

Fri, 06/28/2019 - 19:10
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Alex Dovbnya
?‍??Facebook’s executive David Marcus claims that somebody from the traditional banking sector to oversee their decentralized cryptocurrency??
Facebook Is Looking for Managing Direction with Central Banking Experience to Supervise Libra
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Facebook’s Libra cryptocurrency is positioned as a direct threat to fiat money, and now it seems like the company wants to get people from traditional finance on its team. 

David Marcus, who spearheads the company’s crypto effort, claims that somebody with experience in central banking would be a good fit for Libra, CNBC reports.

Libra Coin Is Going to Face Major Resistance from Regulators Globally: Forbes

If you can’t beat them, join them

Marcus explains that they need a person that would be able to deliver the message to all the project’s members. 

The Geneva-based Libra Association will include hundreds of members upon its launch, so it’s important to be on the same page.

He doesn’t want separate members to “piecemeal” conversations with politicians and regulators who have already expressed their concerns about Libra due to its potential impact on the global financial market. 

WSJ: Libra Is a License to Print Money

There was no snub

As reported by U.Today, multiple companies in the likes of Visa and PayPal joined the Libra Association that will preside over the eponymous cryptocurrency. 

These companies eagerly jumped on the bandwagon due to potential profits the Libra coin can generate.

In sharp contrast to that, big financial companies in the likes of Fidelity and Goldman Sachs declined to join forces with Facebook, but Marcus denied that there was an invitation in the first place.

We have had conversations with banks. We still have conversations with banks. And my expectation is that by the time this thing launches next year you will have banks that are going to be members of this.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at