The road to the creation of the Libra token as well as its launch has certainly not been an easy one as the association behind Libra has seen several members depart, regulatory bodies have intensely scrutinized both the token itself as well as the systems that will allow it to function and the lobbying team has been kept on their toes and have been going all over the world trying to convince powerful individuals of its worth. The token, from the beginning, was a highly ambitious project as Facebook was intending to create a digital currency that would be used across the world simultaneously and it was never to be easy.
Despite all the challenges, it was reported on October 14, 2019, that the Libra Association has held its first inaugural meeting as well as set up its board in Geneva, Switzerland.
Even though 7 of the firms that made up the Libra Association in the beginning have left, the remaining 21 firms have set up a five-member board and agreed to periodic articles of Association which will govern the activities of the association according to Swiss law.
Decisions that will be made by the association will need a majority vote to pass lotion and should any change in leadership be proposed, two-thirds minimum of the vote most pass to that effect. The board, as of now, is made up of David Marcus, representatives from Kiva Microfunds, PayU, Andreessen Horowitz and Xapo Holdings Limited.
While the formation of their board and that inaugural meeting is certainly a sign of progress, Libra is not out of the woods yet. Almost all the fund processors who had been a part of the Libra Association have left the project and many people believe that this is due to concern about regulatory backlash due to the association with Libra. Their CEO Mark Zuckerberg is due to testify at US Congress later this year and this will be the second time that Congress will be holding a hearing regarding the Libra token as they previously had a hearing with David Marcus, is the head of the Libra association, but even that did not completely quell the concerns that surround it.