Facebook to hire banking experts to run its digital project ‘Libra’

facebookFor running its digital coin ‘Libra’ project, the social media giant Facebook is looking to hire a seasoned executive who is well versed with complex government and central banking system.

Someone with experience in government and central banking would be a great choice to oversee the currency, said David Marcus, Facebook’s vice president of messaging products.

“We need someone who knows how economies tend to work, who understands how to operate in a very complex, decentralized governance type of environment,” Marcus said, as per reports. He is the key figure behind ‘Libra’ digital currency project

Facebook has announced to launch its own digital coin called ‘Libra’ next year, to improve the cross-border payments system,

Marcus further said,”We need someone who has the gravitas to be able to carry the message on behalf of all the members — the 100 members and more of the association when this thing goes live — rather than have each and every one of us have piecemeal conversations left and right with all of the different governments and regulators that this whole network will be subject to.”

The new digital wallet for ‘Libra’ currency would be available on Facebook Messenger, WhatsApp as a standalone app in 2020.

Facebook has tied up with 27 organisations around the world to start the non-profit Libra Association to create the new currency.

Marcus denied reports that banks have rejected Facebook’s invitation to join the Libra Association.

“We have had conversations with banks. We are still in conversations with banks. And my expectation is that by the time this thing launches next year you will have banks that are going to be members of this,” Marcus was quoted as saying.

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