Facebook To Hire Banking Expert To Run ‘Libra’

Facebook To Hire Banking Expert To Run 'Libra' 1
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David Marcus, Facebook’s vice president of
messaging products, made the statement in an
interview By Indo-Asian News Service.

Facebook is looking to hire a seasoned
executive to run its digital coin ‘Libra’ project
who has the know-how of the complex
government and central banking system.
According to David Marcus, Facebook’s vice
president of messaging products and a key
figure behind ‘Libra’ digital currency project,
someone with experience in government and
central banking would be a great choice to
oversee the currency.
“We need someone who knows how
economies tend to work, who understands
how to operate in a very complex,
decentralized governance type of
environment,” Marcus told The Information on Friday.
Sensing a multi-billion dollar opportunity to
improve the cross-border payments system,
Facebook has announced to launch its own
digital coin called ‘Libra’ next year. “We need someone who has the gravitas to be able to carry the message on behalf of all the members — the 100 members and more of the association when this thing goes live —
rather than have each and every one of us have piecemeal conversations left and right
with all of the different governments and
regulators that this whole network will be
subject to,” Marcus elaborated.
The new digital wallet for ‘Libra’ currency
would be available in Facebook Messenger,
WhatsApp and as a standalone app in 2020.
Facebook has tied up with 27 organisations
around the world to start the non-profit Libra
Association to create the new currency.
Marcus denied reports that banks have
rejected Facebook’s invitation to join the
Libra Association.
“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,” Marcus
was quoted as saying.
According to Facebook CEO Mark Zuckerberg ,
“In addition to our efforts, many other
companies will build their own services using
Libra — from payment companies like
Mastercard, PayPal , PayU, Stripe and Visa, to
popular services like Booking, eBay, Farfetch,
Lyft, Spotify, and Ubera.
“A number of leading venture firms are also
joining to help drive innovation on the Libra
network. We’re hoping to have over 100 co-
founding members of the Libra Association
by the time the network launches next year,”
Zuckerberg said.
Facebook currently generates 99 percent of
its revenue from advertisements and digital
currency would help it reach billions of users
across products — aiming to create another
stable revenue stream and make
cryptocurrency-based payments mainstream.

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