Doubts increase over Facebook's virtual Libra currency

Facebook's planned virtual device Libra, already under heavy attack by US President Donald Trump and global regulators, faces skepticism among the wider cryptocurrency community as well.

A theme – in addition to Brexit – dominated discussion among movers and shakers from London's financial technology or FinTech industry as they gathered for their annual gathering: the future of virtual currencies.

"Can I just ask you to raise your hand if you weren't willing to use Libra?" The moderator asked an event in London's last FinTech week.

In the room, filled with about 100 experts and media approaching the sector, about two-thirds of the participants increased their hands to express distrust in the start-up currency

Helen Disney, founder and chief of Unblocked Events, promoting block chain technology who run many cryptocurrencies, recognized growing doubts as to who would accurately monitor and regulate Libra's operation.

People are "worried about how the governance … would work," said Disney AFP .

"The Cryptocurrency community is very libertarian in thinking. It's about giving people power, democratizing the economy, staying away from big banks and companies controlling the economy," she said.

The Assembly came last week One month after Facebook announced the world its virtual currency plans.

Libra, widely considered a challenger to dominate ant global player Bitcoin, is expected to launch in the first half of 2020.

While Bitcoin is decentralized, will Libra be led by 1[ads1]00 partner companies, including Facebook's Calibra news coin finance division.