Libra Co-Creator Stresses Oversight Ahead of Regulator Meeting

(Bloomberg) -- David Marcus, co-creator of Facebook Inc.’s Libra project said they will continue to engage with regulators and lawmakers to address their concerns regarding monetary sovereignty as the social network is set to meet global regulators Monday.

In a series of tweets on Monday, Marcus said Libra is designed “to be a better payment network,” backed by a basket of “strong currencies.”

READ: Facebook to Meet Global Regulators Over Libra on Monday: FT

Marcus even called for “strong regulatory oversight” to prevent the Libra association from deviating from its commitment to be backed by a reserve of assets.

To contact the reporter on this story: Nour Al Ali in Dubai at nalali1@bloomberg.net

To contact the editors responsible for this story: Katerina Petroff at kpetroff@bloomberg.net, Dave Liedtka

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