LONDON: Facebook Inc's Libra cryptocurrency faced a pivotal meeting of backers on Monday, after the ambitious project to bring digital coins into mainstream commerce suffered another defection, from online travel company Booking Holding.
The exodus followed warnings from politicians and regulators, from the United States to Europe, that Libra risked upsetting global financial stability, undermining users' privacy and facilitating money laundering. At the meeting, which will take place in Geneva, members will agree interim articles of association, said a spokesman for Vodafone Group Plc , one of the highest-profile companies remaining in the project.Articles of association are typically written rules that lay out how a company or organisation is governed.
But the departure of major financial firms means Facebook's Libra can no longer count on a global player to help consumers turn their currency into Libra and facilitate transactions. This presents a new stumbling block for Libra's efforts to convince regulators and politicians about the coin's safety.
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