London Daily

Focus on the big picture.
Thursday, Dec 04, 2025

Libra co-creator David Marcus: 'There is no shortage of desire and shared mission to join this effort'

Libra co-creator David Marcus: 'There is no shortage of desire and shared mission to join this effort'

The co-creator of Facebook-backed cryptocurrency libra said there is still strong demand from organizations to join the project.
Facebook has helped form a Switzerland-based consortium of companies known as the Libra Association, which will oversee the cryptocurrency project.

The group, which began with 28 partners including Facebook, has lost seven founding members since the start of the month, with key payment backers Mastercard, Visa, PayPal and Stripe all jumping ship.

The co-creator of Facebook-backed cryptocurrency libra said there is still solid demand from organizations to join the project, despite several high-profile dropouts in recent weeks.

“We have at the Libra Association about, I think, 1,600 organizations around the world that have expressed an interest in becoming members. Out of these I think about 180 meet the high bar, the criteria, that was set by the Association to become a member,” David Marcus, who heads up Facebook’s Calibra digital wallet subsidiary, told CNBC’s Elizabeth Schulze Wednesday.

He later added that “there is no shortage of desire and shared mission to join this effort.”

Speaking at an IMF (International Monetary Fund) panel, he said the project needed to clear various regulatory hurdles before established financial firms would also look to join.

“We absolutely need banks. And I believe that banks will ultimately join,” he said.

“I think it’s harder for very large regulated entities to take an active part in this fight right now, given the climate and the pressure. I think that once we’ve done a really good job as the Libra Association to address these concerns ... but it will take time for us to address all the regulatory concerns that were raised and it’s our duty and our responsibility to come with answers to all of these questions,” Marcus added.

Facebook has helped form a Switzerland-based consortium of companies known as the Libra Association, which will oversee the cryptocurrency project. The group, which began with 28 partners including Facebook, has lost seven founding members since the start of the month, with key payment backers Mastercard, Visa, PayPal and Stripe all jumping ship.

The organization is still plowing ahead with its plans though. The remaining members recently signed up to a founding charter and appointed a board of directors. Bertrand Perez, Libra’s chief operating officer and interim managing director, has said he sees the group hitting its target of 100 members by the time the libra coin launches. IBM has said it is open to working with Facebook on its digital currency efforts.

The proposal to create a cryptocurrency underpinned by a basket of global currencies has been hit with a wave of opposition from regulators around the world. The fear for many authorities is that libra could heavily disrupt the financial system and potentially enable illicit activities like money laundering or terrorist financing.

Facebook’s various data privacy blunders haven’t helped either, with global policymakers and data protection watchdogs worried about the implications of libra for consumers’ personal information.

In Europe, France and Germany have both threatened to block the digital asset, arguing “no private entity can claim monetary power, which is inherent to the sovereignty of Nations.” Marcus has however argued that libra wouldn’t threaten any country’s sovereignty, as the Libra Association isn’t minting new money but pegging the token’s value to existing currencies like the dollar.

Central bankers have also issued warnings to Facebook over its digital currency ambitions. Benoit Coeure of the European Central Bank for instance has said the bar for approval when it comes to so-called stablecoins like libra “will be high,” while Federal Reserve Chairman Jerome Powell flagged “serious concerns” with the token and said the U.S. central bank has set up a working group to examine it.

Facebook CEO Mark Zuckerberg is set to appear before U.S. lawmakers next week to address questions over libra. Marcus had initially appeared before the House Financial Services Committee back in July, but members of the committee had pushed for Zuckerberg to appear rather than his deputies.

Marcus added on Wednesday that the libra project was launched well ahead of formal implementation to effectively test the waters and make sure that all regulatory challenges had been dealt with.

“We’ve said this from the beginning that this is why we’ve announced libra well, well before even starting any implementation plans, because we agree that this has to meet the highest regulatory standards and address all concerns before moving forward,” he told CNBC.
Newsletter

Related Articles

0:00
0:00
Close
India backs down on plan to mandate government “Sanchar Saathi” app on all smartphones
King Charles Welcomes German President Steinmeier to UK in First State Visit by Berlin in 27 Years
UK Plans Major Cutback to Jury Trials as Crown Court Backlog Nears 80,000
UK Government to Significantly Limit Jury Trials in England and Wales
U.S. and U.K. Seal Drug-Pricing Deal: Britain Agrees to Pay More, U.S. Lifts Tariffs
UK Postpones Decision Yet Again on China’s Proposed Mega-Embassy in London
Head of UK Budget Watchdog Resigns After Premature Leak of Reeves’ Budget Report
Car-sharing giant Zipcar to exit UK market by end of 2025
Reports of Widespread Drone Deployment Raise Privacy and Security Questions in the UK
UK Signals Security Concerns Over China While Pursuing Stronger Trade Links
Google warns of AI “irrationality” just as Gemini 3 launch rattles markets
Top Consultancies Freeze Starting Salaries as AI Threatens ‘Pyramid’ Model
Macron Says Washington Pressuring EU to Delay Enforcement of Digital-Regulation Probes Against Meta, TikTok and X
UK’s DragonFire Laser Downs High-Speed Drones as £316m Deal Speeds Naval Deployment
UK Chancellor Rejects Claims She Misled Public on Fiscal Outlook Ahead of Budget
Starmer Defends Autumn Budget as Finance Chief Faces Accusations of Misleading Public Finances
EU Firms Struggle with 3,000-Hour Paperwork Load — While Automakers Fear De Facto 2030 Petrol Car Ban
White House launches ‘Hall of Shame’ site to publicly condemn media outlets for alleged bias
UK Budget’s New EV Mileage Tax Undercuts Case for Plug-In Hybrids
UK Government Launches National Inquiry into ‘Grooming Gangs’ After US Warning and Rising Public Outcry
Taylor Swift Extends U.K. Chart Reign as ‘The Fate of Ophelia’ Hits Six Weeks at No. 1
250 Still Missing in the Massive Fire, 94 Killed. One Day After the Disaster: Survivor Rescued on the 16th Floor
Trump: National Guard Soldier Who Was Shot in Washington Has Died; Second Soldier Fighting for His Life
UK Chancellor Reeves Defends Tax Rises as Essential to Reduce Child Poverty and Stabilise Public Finances
No Evidence Found for Claim That UK Schools Are Shifting to Teaching American English
European Powers Urge Israel to Halt West Bank Settler Violence Amid Surge in Attacks
"I Would Have Given Her a Kidney": She Lent Bezos’s Ex-Wife $1,000 — and Received Millions in Return
European States Approve First-ever Military-Grade Surveillance Network via ESA
UK to Slash Key Pension Tax Perk, Targeting High Earners Under New Budget
UK Government Announces £150 Annual Cut to Household Energy Bills Through Levy Reforms
UK Court Hears Challenge to Ban on Palestine Action as Critics Decry Heavy-Handed Measures
Investors Rush Into UK Gilts and Sterling After Budget Eases Fiscal Concerns
UK to Raise Online Betting Taxes by £1.1 Billion Under New Budget — Firms Warn of Fallout
Lamine Yamal? The ‘Heir to Messi’ Lost to Barcelona — and the Kingdom Is in a Frenzy
Warner Music Group Drops Suit Against Suno, Launches Licensed AI-Music Deal
HP to Cut up to 6,000 Jobs Globally as It Ramps Up AI Integration
MediaWorld Sold iPad Air for €15 — Then Asked Customers to Return Them or Pay More
UK Prime Minister Sir Keir Starmer Promises ‘Full-Time’ Education for All Children as School Attendance Slips
UK Extends Sugar Tax to Sweetened Milkshakes and Lattes in 2028 Health Push
UK Government Backs £49 Billion Plan for Heathrow Third Runway and Expansion
UK Gambling Firms Report £1bn Surge in Annual Profits as Pressure Mounts for Higher Betting Taxes
UK Shares Advance Ahead of Budget as Financials and Consumer Staples Lead Gains
Domino’s UK CEO Andrew Rennie Steps Down Amid Strategic Reset
UK Economy Stalls as Reeves Faces First Budget Test
UK Economy’s Weak Start Adds Pressure on Prime Minister Starmer
UK Government Acknowledges Billionaire Exodus Amid Tax Rise Concerns
UK Budget 2025: Markets Brace as Chancellor Faces Fiscal Tightrope
UK Unveils Strategic Plan to Secure Critical Mineral Supply Chains
UK Taskforce Calls for Radical Reset of Nuclear Regulation to Cut Costs and Accelerate Build
UK Government Launches Consultation on Major Overhaul of Settlement Rules
×