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Facebook is looking to hire a seasoned govt to run its digital coin 'Libra' project who has the power of the complex government and central banking system.

According to David Marcus, Facebook's vice chairman of messaging product and a key figure behind 'Libra' digital currency project, somebody with experience in government and central banking would be a good option to supervise the currency.

"We need somebody who is aware of how economies tend to work, who understands how to operate in a} very advanced, decentralized governance type of atmosphere," Marcus told the information on Friday.

Sensing a multi-billion dollar opportunity to enhance the cross-border payments system, Facebook has proclaimed to launch its own digital coin known as 'Libra' next year.

"We want somebody who has the gravitas to be able to carry the message on behalf of all the members -- the one hundred members and more of the association when this factor goes live -- instead of have each and every one of us have piecemeal conversations left and right with all of the different governments and regulators that this whole network are subject to," Marcus detailed.

The new digital wallet for 'Libra' currency would be accessible in Facebook messenger, WhatsApp and as a standalone app in 2020.

Facebook has engaged with 27 organisations round the world to begin the non-profit Libra Association to create the new currency.

Marcus denied reports that banks have rejected Facebook's invitation to hitch the Libra Association.

"We have had conversations with banks. And we still have conversations with banks. And my expectation is that by the time this factor launches next year you'll have banks that are going to be members of this," Marcus was quoted as saying.

According to Facebook chief executive officer Mark Zuckerberg, "In addition to our efforts, several other firms will build their own services using Libra -- from payment companies like Mastercard, PayPal, PayU, Stripe and Visa, to popular services like Booking, eBay, Farfetch, Lyft, Spotify, and Ubera.

"A number of leading venture companies are joining to assist drive innovation on the Libra network. We're hoping to have over 100 co-founding members of the Libra Association by the time the network launches next year," Zuckerberg said.

Facebook presently generates 99 % of its revenue from advertisements and digital currency would facilitate it reach billions of users across products -- aiming to produce another stable revenue stream and create cryptocurrency-based payments mainstream.
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