Facebook officially moved forward with its plans to create a new digital currency

Facebook on Monday officially announced that it will create a new digital currency called Libra, after facing intense criticism from US regulators and despite having several high-profile defects in the project. The Libra Association will govern the currency and it was officially signed on 21 charter members on Monday at the organization’s inaugural meeting which was held in Geneva.

The members of the Libra Association consist of various firms which include, venture capital firms, which are eyeing to be the topmost emerging technology firm, Uber, Lyft, Spotify, and European telecommunications company Vodafone. The association recently stated that an unnamed additional 180 entities have also expressed interest to join them and also have met the initial requirements to join.

Facebook CEO Mark Zuckerberg is scheduled to appear later this month to discuss Libra in front of the House Financial Services Committee. The Chairpersons of the committee are Rep. Maxine Waters, D-Calif., who has been an ardent critic of Libra from its onset.The other three directors elected to the association's board were Matthew Davie of Kiva Microfunds, Patrick Ellis with PayU, and WencesCasares of Xapo Holdings Ltd.

Facebook has also hired several Washington lobbyists to help regulator and political concerns over Libra. Facebook and the Libra Association have said they would not start trading or accepting deposits for Libra until they satisfy the U.S. regulator's concerns.