The Libra Association is a consortium of companies working towards the launch of the Libra stablecoin, a cryptocurrency designed by Facebook for the millions of people who don’t have access to banking services. Disparte says things are moving apace, despite the departures of some of the original members, including Mastercard, Visa and Vodafone.
In a chat on the Davos Promenade during last month’s World Economic Forum, Dante A. Disparte, vice chair of the Libra Association, made the case for the consortium-managed cryptocurrency project. Shrugging off recent major corporate exits from the Association, Disparte made the case for Libra as a viable open-source platform for products that enhance financial inclusion.
“So what we’re seeing here is actually quite a lot of engagement,” Disparte said, adding:
“We’ve demonstrated over the last six months that we’re not dogmatic in terms of our project structure and our approach and that we are very much taking on board the type of feedback we’ve heard from regulators and policymakers. So, you know, the gap is narrowing, in terms of what would be the types of issues we have to address in order to satisfy getting this project on board and moving ahead.”
Disparte believes the most important part of the platform is its open-source nature.
“The technology standard that we’ve built is open”, he said. “So irrespective of whether an organization is a part of the association or not, there is an opportunity among them to develop on top of this network without having to be a part of the start-up efforts of the project or the governance of the project.”
He added, “And you know, the firms that have left, I think, have left with a door wide open for future opportunities to engage in collaboration. But right now, this is about a hardened core that are mission-aligned and wants to see through the governance and startup challenges that a project of this potential scale represents. So there’s zero love lost and we very much believe that open technology permits future engagement at a later stage.”
Libra vs. DCEP? The Battle for the Future of Money Heats Up
NLW breaks down libra’s new fiat-pegged model, DCEP’s trial app and China’s Blockchain Service Network
This week saw the latest salvos in the battle for the future of money.
The Libra Association said its libra would not be a single currency that was backed by a basket of national currency but would now be a model of numerous individual fiat-pegged currencies. While the original model was akin to a disruptive implementation of John Maynard Keynes’ original concept for a global basket currency (which he called a “bancor”), this model seems more to position libra to help existing central banks digitize their currencies.
China, meanwhile, steamed forward with its digital currency and blockchain plans. Screenshots of an app from the Agricultural Bank of China show how the DCEP (Digital Currency Electronic Payment) is currently being tested, giving us insight into functionality, geographies and players involved.
China also announced the 71 members of its National Blockchain Council and went live with its Blockchain Service Network. The BSN in particular has potential significance on a world scale as China tries to build and control a key piece of global digital infrastructure.