September 27, 2019 / 9:00 AM / 24 days ago

Libra cryptocurrency not out to replace existing money - project head

GENEVA, Sept 27 (Reuters) - The Facebook-conceived Libra cryptocurrency, 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. (Reporting by Brenna Hughes Neghaiwi: Editing by Michael Shields)

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