Libra, Facebook's cryptocurrency, is still struggling. In addition to the pressure on national regulators, the Libra Association does not seem to be internally.
Last week, the Financial Times reported that at least three members of the Libra Association were deeply troubled by the review of the regulators, fearing that it would affect their own development and therefore considering exiting.
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However, Facebook seems to be very dissatisfied. Since the announcement of the Libra project, Facebook sent David Marcus, head of the blockchain division, to take turns from US congressmen. In addition, Facebook responded almost exclusively to other national regulators, and other members of the Libra Association chose to remain silent.
Today, in an email to Bloomberg, Bertrand Perez, chief operating officer of the Libra Association, said:
"It's time for us to make a public voice – whether it's a single voice or a joint voice, and some momentum will be formed before the end of 2019. If the members of the association are really committed to the Libra Pratt & Whitney goals, the next time they are asked about the issue, please Publicly stated."
In addition to dealing with regulators and internal relationships, the Libra project is growing steadily.
Facebook is currently looking for a professional who will be responsible for “knowing and analyzing regulatory requirements, developing policies and controlling processes to ensure that Calibra is fully compliant with all sanctions.”
At the same time, Facebook is also looking for more talent to strengthen Calibra's legal compliance efforts. One of the positions is the head of the Bank Secrecy Act and the Anti-Money Laundering Act (BSA/AML), which requires an experienced bank executive to ensure that Calibra's policies “conform to global BSA/AML related laws and regulations”.
Facebook currently lists only 47 jobs related to the Facebook blockchain work, 27 of which are related to Calibra.
The purpose of all these new positions is to help Facebook build trust in its systems, especially fraud and data privacy issues.
In addition, regarding the security of the Libra system itself, Facebook has taken corresponding measures.
The Libra Association launched a vulnerability award program on Tuesday to pay security researchers up to $10,000.
Diogo Monica, co-founder of the Libra Association member Anchorage, said:
“We set different reward amounts based on the level of vulnerability. This is a good thing for Libra and is consistent with the values of information security.”
The Libra Association is working with HackerOne, a vulnerability awards platform, to spread its beta program with 50 external researchers, and everyone is welcome to report bugs in the code.
Calibra Security Director Aanchal Gupta said:
“We hope that developers will be able to bring a diverse perspective and expertise to the project while maintaining the Libra blockchain at the highest safety standards.”
Dante Disparte, communications director at the Libra Association, added that Libra's test network is still under development. As a result, the vulnerabilities discovered today may have a significant impact on the final version.
There are already some developers trying out the Libra test network. As for regulatory considerations, Disparte responded:
“We will not launch Libra until approved by the regulatory authorities.”