For Non-Profits Working With Facebook, Libra Isn't Such a Crazy Idea

Were these do-gooding organizations brought on as mere window-dressing? Women's World Banking and Mercy Corps tell CoinDesk they won't stick around if their missions aren't served by Libra.

To date, there have only been hints about how the rollout of the Libra cryptocurrency might actually work - in part because most of the attention since June has been on regulators' general opposition to the project.

It's easy to forget that Libra was intended for places like Uganda, Pakistan and Indonesia when its fate is in the hands of the U.S. Congress and Frankfurt.

The impact partners are cautiously optimistic about Libra's potential and pleased with the association's willingness to give them a full seat at the table, despite the fact that they won't be buying a Libra Coin, the $10 million governance token the rest of the partners are on the hook for.

Libra Association members will gather in Geneva on Oct. 14 to formally ratify the group's charter.

A natural question for impact partners: Are they receiving financial support from Facebook or the Libra Association? Jones declined to comment.

The Libra Association has limited its impact partners to organizations with at least a five-year track record of financial inclusion programs and a $50 million operating budget.

So Libra offers hope to address some of the drawbacks of paper currency.

Libra has been constructed using some of the best features of various cryptocurrencies, and it is structured around a proof-of-stake system, one that's very selective about who can participate early on.

For its insurance business, Libra can allow instant payments of claims.