Despite the canceled partnership with the major payment processor companies Mastercard, Visa, PayPal and others, Facebook continued with its plans for cryptocurrency Libra. On a meeting held in Geneva on October 14, Libra Association, the governing body of Libra cryptocurrency established a Libra Association Council. The Council is consists from 21 companies pushing Libra to a formal governance structure. The Council also elected the Board of Directors, and Bertrand Perez was elected as a chief operating officer and interim manager of the Libra Association. Association alleged 'building a better payment network, broadening access to essential financial services, and lowering costs for billions of people who need it the most'. Libra Association officials stressed again that developments around Libra will be carefully planned and will not be pushed without the proper regulatory framework which will comply with the global rules.