Analysis

Will Libra's Compliance Efforts Be Enough To Sway Critics?

Law360 (July 2, 2020, 5:17 PM EDT) -- The planned Libra digital currency faced such unrelenting backlash that the group behind it modified its underlying structure and packed leadership positions with compliance experts in recent months. But whether these changes will allow the project to realize its ambitions remains uncertain.

In June 2019, Facebook announced the Libra cryptocurrency project, which it said was aimed at democratizing banking for the 1.7 billion people worldwide with limited or no access to banking. The Geneva-based Libra Association officially launched Oct. 15 with 21 founding members — including Facebook, Spotify, Uber, Coinbase and Andreessen Horowitz — and has since added more partners.

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