AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Backers of Facebook Inc's Libra cryptocurrency project pledged to forge ahead after selecting a five-member board on Monday, shrugging off the latest member defection by online travel company Booking Holding earlier in the day.

"It is a correction; it's not a setback," said Dante Disparte, head of policy and communications for the Libra Association, whose 21 remaining members held their inaugural meeting in Geneva.

The owner of Priceline, Kayak and Booking.com on Monday confirmed that it had pulled out of the group, which is trying to bring digital coins into mainstream commerce.

Libra lost its last global payments backers on Friday, when Mastercard Inc and Visa Inc abandoned the Geneva-based Libra Association. EBay Inc, fintech startup Stripe and payments company Mercado Pago also pulled the plug.

The exodus followed warnings from politicians and regulators, from the United States to Europe, that Libra risked upsetting global financial stability, undermining users' privacy and facilitating money laundering.

The latest withdrawals followed the departure of PayPal Holdings Inc from the Libra Association earlier this month. It leaves Facebook without the backing of any major payments firms for the project, due to launch by June 2020.

Disparte acknowledged that the digital currency's regulatory issues could push back its launch date.

At the meeting in Geneva, members agreed interim articles of association laying out how the organisation will be governed, as required by Swiss law, according to a fact sheet provided by the Libra Association.

Most decisions will require a majority vote of the group's governing council, although changes to membership or management of the reserve would require a two-third supermajority.

The group elected five people to serve on the board, including Facebook's David Marcus as well as representatives from PayU, venture firm Andreessen Horowitz, blockchain company Xapo Holdings Limited and non-profit Kiva Microfunds.

The association's other prominent remaining members include Vodafone Group Plc and ride-hailing firms Uber Technologies Inc and Lyft Inc.

Copyright Reuters, 2019

Comments

Comments are closed.