Heifer International, a global non-profit organization, joins the Libra Association becoming the 23rd official member of the organization, according to an official announcement on April 20.
The group joined the association to facilitate the creation of an affordable and low-cost financial system, he said in a post, specifying that Libra's stated mission is to build a system that "will support financial inclusion, competition and innovation responsible for financial services. "
Heifer International's mission for financial inclusion in the world
Charity Navigator gives Heifer three out of four stars, with a score of 97/100 for responsibility and transparency. “In Heifer International, we work with some of the world's poorest farmers, helping them to sustainably increase production and access new markets, increasing their sales and incomes.
As farmers grow their businesses, one of the main challenges they face is access to credit, "is explained in the post. Heifer's CEO and president, Pierre Ferrari, said in a tweet that "Farmers who use local lenders face high interest rates and loans that may be impossible to pay, preventing them from building sustainable livelihoods."
In a tweet, Libra Association policy and communications officer Dante Disparte said he was delighted to welcome the group, adding that "he has worked to end hunger and poverty" for over 75 years.
A novelty that contributes to the renewal of the Libra project
The news came a few days after the association revised its original vision of the stablecoin project, making major concessions to regulators concerned about Libra's impact on global stability and monetary sovereignty.
In particular, Libra will now support a series of stablecoins, each supported by a single currency and cash equivalents. The group is looking at the issue of stablecoins backed by the dollar, the euro, the British pound and the Singapore dollar, as some examples where invest.
Libra is still planning to issue a stablecoin backed by a basket of currencies, as originally planned, but will now be supported by the new stablecoins it will issue. However, it is not clear whether this new Libra vision will convince lawmakers.
For the moment, at least one of them, Rep. Sylvia Garcia (D-Texas) has promptly made it known that the changes announced by the Association are "insufficient" from his point of view.
Last November, Garcia, who is also a member of the US House Committee on Financial Services, presented a bipartisan bill entitled "Managed Stablecoins Are Securities Act of 2019." The document stressed that stablecoins managed like Libra are "clearly securities under existing law".