Saudi Press

Saudi Arabia and the world
Saturday, Feb 21, 2026

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

Saudi Press
0:00
0:00
Close
Concerns Mount Over Potential Saudi Uranium Enrichment in Prospective US Nuclear Accord
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
Investability Emerges as the Defining Test of Saudi Arabia’s Next Market Phase
Saudi Arabia’s Packaging Market Accelerates as Sustainability and E-Commerce Drive Transformation
Saudi Arabia’s Strategic Minerals Drive Offers Lessons for Europe’s Supply Chain Ambitions
Saudi Arabia Unveils $32 Billion Push Into Theme Parks and Global Entertainment
Saudi Crude Exports to India Climb Sharply, Closing Gap With Russia
Saudi Arabia’s Halal Cosmetics Market Expands as Faith and Ethical Beauty Drive Growth
United Kingdom Denies U.S. Access to Military Base for Potential Iran Strike
ImmunityBio Secures Saudi Partnerships to Launch Flagship Cancer Therapy
Türkiye and Saudi Arabia Launch Expanded Renewable Energy Partnership
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
UK Intensifies Efforts to Secure Saudi Investment in Next-Generation Fighter Jet Programme
Saudi Arabia Tops Middle East Green Building Rankings with Record Growth in 2025
Qatar and Saudi Arabia Each Commit One Billion Dollars to President Trump’s ‘Board of Peace’ Initiative
Ramadan 2026 Prayer Times Set as Fasting Begins in Saudi Arabia and Egypt Announces Dates
Saudi Arabia Launches Ramadan 2026 Hotel Campaign to Boost Religious and Leisure Tourism
Saudi Arabia Seeks Reroute of Greece-Bound Fibre-Optic Cable Through Syria Instead of Israel
Saudi-Backed Scopely Acquires Majority Stake in Turkey’s Loom Games to Expand Mobile Portfolio
Zodiac Milpro Launches Zid Marine Joint Venture in Saudi Arabia to Expand Regional Shipbuilding
Saudi Arabia Reaffirms Reform Path Amid Claims of Ideological Reversal
Calls Grow for Saudi Arabia and UAE to Settle Differences Through Direct Dialogue
Jensen Huang just told the story of how Elon Musk became NVIDIA’s very first customer for their powerful AI supercomputer
British couple sentenced to 10 years in Iran for espionage
Former British Prince Andrew Arrested on Suspicion of Misconduct in Public Office
Unitree Robotics founder Wang Xingxing showcases future robot deployment during Spring Festival Gala.
Prince William Holds Talks with Crown Prince Mohammed bin Salman During Saudi Visit
Saudi Arabia’s Humain Commits $3 Billion Investment to Elon Musk’s xAI
SCOPA Executive Unveils Ambitious Relaunch Strategy for Saudi Production Company
Saudi Arabia Sees Rise in Business Visa Rejections Amid Tighter Compliance Checks
Saudi PIF Transfers Take-Two Stake to Savvy Games Group in Strategic Gaming Push
Jimmy Carr Says He ‘Loved’ Saudi Arabia Show Amid Debate Over Performing in the Kingdom
Sotheby’s ‘Origins II’ Auction Signals Saudi Collectors’ Shift Toward Cultural Legacy
EY and Microsoft Deepen Saudi Arabia Partnership with Launch of EY Studio+
Google Pay Launches Support for Mastercard Cards in Saudi Arabia
Saudi Arabia Bolsters Maritime Surveillance Fleet with Four C-27J Patrol Aircraft
Kazakhstan and Saudi Arabia Deepen Strategic Partnership with New Investment and Energy Agreements
Saudi Crown Prince Receives Written Message from Kazakhstan’s President Amid Expanding Strategic Ties
ImmunityBio Shares Rise After Saudi Arabia BCG Manufacturing Update Spurs Investor Optimism
Global Music Star Tyla Confirmed as Headliner at 2026 Saudi Arabian Grand Prix Entertainment Lineup
Somalia and Saudi Arabia Forge New Military Partnership Amid Regional Power Shifts
Saudi Arabia and Several Nations Criticize Israeli West Bank Land Measures as Diplomatic Tensions Rise
Saudi Public Investment Fund Transfers Stake in Take-Two Interactive as Portfolio Strategy Evolves
Saudi Arabia’s Flagship Defense Expo Highlights Industrial Ambitions and Expanding Arms Portfolio
Strategic Divergence Deepens as Saudi Arabia and UAE Recalibrate Gulf Partnership
Saudi Arabia Confirms Start of Ramadan as Crescent Moon Sighted, While Other Nations Begin a Day Later
Rubio Calls for Sweeping U.N. Reform, Saying It Has Failed to End Wars in Gaza and Ukraine
10,000 Condoms Distributed at Winter Olympics 2026 Athlete Village Depleted Within 72 Hours
Prince William Meets Saudi Crown Prince as Epstein-Andrew Fallout Casts Shadow
×