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Libra Association Forms Committee To Steer Technical Development

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The Libra Association, a consortium of major financial partners of Facebook's Libra cryptocurrency project, has now formed a five member steering committee to govern Libra technical development. The council of the Libra Association voted last month to establish a Technical Steering Committee (TSC) for the Libra project.

The TSC consists of Anchorage Co-Founder and President Diogo Monica, Calibra's Libra Core Product Lead George Cabrera III, Bison Trails CEO and Founder Joe Lallouz, Union Square Ventures Partner Nick Grossman, and Mercy Corps Director of Emerging Technology Ric Shreves.

The formation of the TSC is part of the Libra Association's vision that the Libra project would be self-governing and independent of any one organization's control. The TSC's primary responsibility will be to oversee and coordinate the technical design and development of the Libra network.

The five-member TSC for the Libra project will be responsible for directing the technical roadmap for the Libra network by forming Technical Working Groups to fast-track research into selected specific issues.

They will also guide in codebase development and will be responsible for building a healthy and engaged Libra developer community.

The TSC's first responsibility will be to publish its technical governance framework and associated documents in the first quarter of 2020. This will outline the process for the open source community to propose technical changes to the network and a transparent process for evaluating those proposals.

The Libra Association was formalized with strength of 21 members at the inaugural Libra Council meeting of the members at its headquarters in Geneva, Switzerland in mid-October last year.

The 21 member organizations of the consortium formally signed onto the Libra Association charter, elected the Board of Directors, and appointed members of the Libra Association executive team.

The member organizations include Coinbase, Lyft, Vodafone, Spotify, PayU, Xapo, Anchorage, Kiva Microfunds, Andreessen Horowitz, Uber and Calibra, which is a Facebook subsidiary formed to run the Libra network, powered by blockchain technology.

The Libra Association was formed as an independent not-for-profit organization by the initial 28 financial backers of the Libra cryptocurrency project in June 2019. They were to invest around $10 million each.

However, seven of the 28 initial members, including most of the payment firms, backtracked as they did not want to be publicly seen to be backing the project, fearing regulatory scrutiny.

The companies who withdrew support for the project include Visa, MasterCard, PayPal, Stripe, eBay, and Booking Holdings. PayU is the only payments firm left in the association.

Faceboook has already launched the Libra stablecoin and payments network, along with its corresponding Calibra wallet last year.

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