Facebook to uncover Libra Association and launch Testnet next week: Report

Social media giant Facebook will uncover the Libra Association, which will operate its custom-made cryptocurrency Libra, June 18, cryptocurrency news outlet The Block reported June 14.

As per report, Facebook and dozens of collaborators will uncover the Libra Association – which will be based on Geneva – as the entity that will monitor the company's Libra cryptocurrency project. During the incident, the company is also expected to launch the test network of blockchain.

The block claims to have seen an unspecified blog post from Facebook, according to which Libra Crypto assets will host the dedicated Libra Blockchain and supported by the Libra Reserve. The Libra Reserve is reportedly a store of assets that should have awarded the token "stability, low inflation, global acceptance and fungibility."

The block adds that the software behind the network will be opened under the Apache 2.0 license. The social media giant apparently hopes that the system will help people without access to the financial system. Finally, according to the report, the company also declared its intention to focus on regulatory compliance:

"Collaboration and innovation with the financial sector, including regulators and experts in a number of industries, is the only way to ensure sustainable , safe and reliable framework supports this new system. "

As Cointelegraph reported earlier this month, more sources were expecting Facebook to launch its cryptocurrency on June 1[ads1]8.

More recently, the news broke that Facebook has reportedly sealed support from over a dozen companies that include Visa, Mastercard, PayPal and Uber for the soon-to-be-unveiled cryptocurrency project. Each company reportedly contributed $ 10 million to the project.

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