- Libra Association establishes a technical steering committee, showing that Libra development continues
The Libra Association, which is the governing body of the Libra cryptocurrency, has established a technical steering committee comprised of experts in the FinTech and blockchain industry. Notably, this is the first sign of life from Libra in a while and shows that the Libra cryptocurrency project continues despite harsh regulatory pressure.
Essentially, governments around the world have been quite critical towards Libra, with announcements from several countries that Libra would be heavily regulated or not allowed at all. This is likely because Libra would essentially be a fiat currency and central bank, except that it would be run by a conglomeration of corporations rather than a government. Therefore, Libra is basically competing with central banks and government-backed fiat currencies.
It appears that Libra still has a shot at becoming a reality despite government pressure, since technical development is continuing. The Libra technical steering committee is expected to release its first report by the end of Q1 2020.
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