Facebook's effort to launch a new cryptocurrency called Libra has faced numerous setbacks from regulatory scrutiny to an exodus of key partners.

But the social media giant and its partners signaled on Monday it's still planning to move forward with its plans to launch the new digital currency in 2020.

Twenty one organizations, including Facebook, formally joined the Libra Association, which is overseeing the cryptocurrency.

Since the social network unveiled plans for Libra in June, seven of its partners have dropped out of the project.

That includes payment companies such as PayPal, Visa and Mastercard, which analysts saw as a key part of whether Libra gains traction.

Lawmakers have also raised concerns that Libra could be abused for money laundering and other crimes.

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