Facebook may move out from the Libra Association

The recent developments hint Facebook may be moving away from Libra Association. As one of the association members confirmed the BBC: “We’ve seen Facebook start to move away from the association a little bit, maybe, but it’s still a challenge for them, definitely.”

When asked about Libra testnet by the CryptoPurview’s member, the Libra developer commented that the inclusion of Libra testnet milestone in sprint backlog “signifies that we hope to have one. It’s currently potential future work. The Libra Association will have to make the choice”.

The latest comment signifies that since the official formation of the Libra Association on Oct 14, Facebook’s influence over the project is restricted. Now the other 20 members have an equal say over its actions and development.

Separating distance from Libra could be the right move for Facebook

Since the announcement of the facebook-initiated Libra cryptocurrency project, regulators and lawmakers around the world have backlashed on the idea.

In written testimony submitted to the House Financial Services Committee, Mark Zuckerberg also emphasized that “I understand we’re not the ideal messenger right now”. We’ve faced a lot of issues over the past few years, and I’m sure people wish it was anyone but Facebook putting this idea forward.”

The Libra Association has now already appointed its own 5 member board of directors and executive team. This move is in the wake of continued regulatory scrutiny. Separating itself from Facebook may give the Libra association a chance to continue forward, hoping people will less relate it with Facebook and try more to understand the ambition of the entity itself.