TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Singapore sovereign fund Temasek joins Facebook-backed Libra
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
Silhouettes are seen beneath a sign of Libra, the cryptocurrency project launched by Facebook during a conference at marketing and communication school CREA in Geneva on September 26, 2019. (AFP/Fabrice Coffrini )
T
he Singapore sovereign wealth fund Temasek has joined the Facebook-backed Libra project seeking to create a worldwide digital payments network, the Swiss-based Libra Association said Thursday.
Temasek was among three new members announced for the association, including the cryptocurrency investment firm Paradigm and the private equity group Slow Ventures, both based in California.
"The addition of these three new members to the Libra Association shows our commitment to building a diverse group of organizations that will contribute to the governance, technological roadmap and launch readiness of for the Libra payment system," said association vice chairman Dante Disparte.
Libra, a high-profile project launched by social network giant Facebook, is tentatively scheduled to launch this year but has been battered by severe criticism from some of the world's most influential financial authorities.
Backers of Libra argue it can help people outside the banking system by lowering transaction costs for many kinds of payments and transactions; critics say it could disrupt the global monetary system and currency markets.
In its latest update, the association said it is seeking seek approval for digital coins in individual currencies, revamping its cryptocurrency initiative in a move aimed at minimizing disruption to the global monetary system.
Under the new plan, separate "stablecoins" would be created and pegged to real-world money such as the US dollar and the euro.
The association includes a number of nonprofit and e-commerce firms but has lost some high-profile initial members including Visa, Mastercard, eBay, Stripe and PayPal.
