Facebook's Libra Cryptocurrency Forms Governing Association

The Libra Association, a nonprofit entity, was established to govern the Libra project, with 21 charter members signing on. Despite initial plans for more members, companies like Visa and MasterCard withdrew due to regulatory concerns. Facebook's CEO, Mark Zuckerberg, is set to testify about privacy and financial impacts. Libra's public launch is on hold until regulatory issues are resolved. Once live, users can transact using Facebook services, with transactions recorded on a blockchain. Libra is expected to launch in 2020.

What was the initial purpose of the Libra Association?

• To create a new social media platform

• To govern the Libra project

• To develop a new search engine

• To replace Facebook's board of directors

Why did some initial members like Visa and MasterCard leave the Libra Association?

• They merged with other companies

• They wanted to create their own currency

• They faced pressure from regulators

• They were not interested in cryptocurrency

What is Mark Zuckerberg expected to address in his testimony before the House Financial Services Committee?

• The launch date of Libra

• Concerns about privacy and financial impacts

• The expansion of Facebook into new markets

• The design of Facebook's new logo

What technology underpins Libra transactions?

• Blockchain

• Artificial Intelligence

• Quantum Computing

• Virtual Reality

When is Libra scheduled to launch?

• 2021

• 2020

• 2022

• 2019