Libra forms committee to oversee technical development

The technical development of Facebook's proposed cryptocurrency has taken a major step forward with the establishment of a new supervisory committee

The Libra Association has established a five-member committee to oversee the technical development of its proposed cryptocurrency, which is scheduled to launch in 2020.

According to an announcement on Thursday, the committee is made up of Anchorage co-founder Diogo Monica, Calibra core product lead George Cabrera, Bison Trails founder Joe Lallouz, Union Square Ventures partner Nick Grossman, and the emerging technology director of Mercy Corps Ric Shreves.

The committee, dubbed the Technical Steering Committee (TSC), has been tasked with overseeing and coordinating the technical design and development of the Libra Network.

The announcement labels the creation of the TSC as an “important step forward for the Libra project”, which has found itself at the brunt of intense regulatory scrutiny over the past year.

Facebook CEO Mark Zuckerberg faced off against the US House of Representatives over Libra in October, with the likes of Congresswoman Alexandria Ocasio-Cortez lamenting Libra and its potential to increase the risk of money laundering and criminality.

Analysts have suggested that in light of scepticism from lawmakers and regulators, Libra will struggle to launch in 2020 as planned.

However, the TSC aims to build a “healthy and engaged” developer community while directing a technical roadmap, both of which should fast-track the product coming to market.

Diogo Monica commented on how Libra will “serve billions of users worldwide” and that the main priority for it to operate on a global scale is security.

For more news, guides, and cryptocurrency analysis, click here.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

Previous Article

Dunamiscoins scam: Thousands demand refund as suspect remains at large

Next Article

QuadrigaCX scandal leads to exchange crackdown

Read More Related articles