PARIS, FRANCE - JUNE 18: In this photo illustration, a visual representation of a digital cryptocurrency coin sits on display in front of a Facebook logo on June 17, 2019 in Paris, France. Facebook will announce Tuesday, June 18 the details of its cryptocurrency, called " Libra ". Like bitcoin, the best-known virtual currency, it will rely on blockchain technology. This universal currency must allow its users to buy products or services from the Facebook universe, which also owns Messenger, Instagram and WhatsApp. It will also be possible to transfer "Libras" between individuals. Several companies like Visa, MasterCard, PayPal and Uber have already joined the consortium created by Facebook. (Photo by Chesnot/Getty Images)
The Facebook-conceived Libra crypto currency, to be launched by a Geneva-based association next year, is not intended to replace existing currencies, Libra Association Managing Director Bertrand Perez said on Friday.
“We are not in the area of implementing any monetary policy with the (Libra) Reserve,” Perez said at a blockchain conference hosted at United Nation headquarters in Geneva.
The project could help reach many U.N. sustainable development goals, such as eliminating poverty and reaching gender equality, he said at the conference, which included speakers from the Swiss National Bank and International Monetary Fund, IMF.
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