Social Media Giant Facebook Moves Ahead with 20 Partners on the Libra Project

Despite some top-notch firms pulling out, Facebook and 20 partner organisations have formally joined the digital currency Libra project during a meeting here.

The organisations on Monday signed the charter for the Libra Association, which also formed a council tasked with governance of the group, reports CNET.

The Libra Association said that more than 1,500 entities have expressed interest in joining the digital currency project.

Companies like Paypal, Visa, Mastercard and EBay have pulled out of the Libra cryptocurrency project to apparently avoid the US regulators who are scrutinizing Facebook and its subsidiaries.

Seven of Facebook partners have dropped out of the project.

Facebook CEO Mark Zuckerberg is set to testify before the US House of Representatives on October 23 to discuss concerns over 'Libra' that has run into rough weather.

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Zuckerberg will be grilled by lawmakers and regulators during the Q&A session at the US House Financial Services Committee.

In July, Congresswoman Maxine Waters (D-CA), Chairwoman of the committee sent a letter to Facebook requesting an immediate moratorium on the implementation of Facebook's proposed cryptocurrency, Libra, and digital wallet, Calibra. (IANS)