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Social media giant Facebook will unveil on June 18 the Libra Association, which will operate its own cryptocurrency, Libra, on June 18, announced on June 14 the press briefing on cryptocurrency, The Block.
According to the report, Facebook and dozens of its partners will unveil the Libra Association – which will be based in Geneva – as an entity to oversee the company's Libra cryptocurrency project. During the event, the company should also launch the testnet of its blockchain.
The Block claims to have seen an unspecified blog post from Facebook, according to which the Libra cryptographic asset will be hosted on the Libra Blockchain dedicated and supported by the Libra Reserve. The Libra Reserve would be a stock of real assets that should supposedly give the symbol stability, low inflation, global acceptance and fungibility.
The block further indicates that the underlying software for the network will be open source licensed under Apache 2.0. The social media giant hopes the system will help people without access to the financial system. Finally, according to the report, the company also stated its intention to focus on regulatory compliance:
"Collaborating and innovating with the financial sector, including regulators and experts from various sectors, is the only way to ensure a sustainable, secure and reliable framework for this new system."
As Cointelegraph reported earlier this month, many sources were already expecting Facebook to launch its cryptocurrency on June 18.
More recently, news has announced that Facebook would have hidden the support of more than a dozen companies, including Visa, Mastercard, PayPal and Uber, as part of its cryptocurrency project, which will be soon unveiled. Each company would have contributed $ 10 million to the project.
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