Despite a series of withdrawals, Facebook and partners are pushing ahead with Libra

Facebook's efforts to launch a new digital currency, Libra, have faced many setbacks, from government scrutiny to the mass exodus of key partners.

But the social media giant and the rest of its partners showed on Monday that they were still determined to press ahead with their plans to launch the new currency in 2020, with 21 institutions - including Facebook - formally joined the Libera Union, which oversees the digital currency.

Since Facebook unveiled its plans for Libra in June, seven of its partners have pulled out of the project, including online payment companies such as PayPal, Visa and MasterCard, which analysts saw as a key part of Libra's appeal.

Lawmakers have also raised concerns that Liberia may be abused for money laundering and other crimes. Facebook CEO Mark Zuckerberg is due to testify before the US House of Representatives Financial Services Committee on October 23 on Libra and other topics, including a digital wallet called Calibera that Facebook is building.

Spotify, Uber and venture capital firm Andresen Horowitz are among the partners who have decided to commit to the project and officially joined the Libera consortium at a meeting in Geneva, Switzerland.

The member companies signed the charter of the Libera Consortium, and a board was established to manage the group. The board appointed a board of directors, including David Marcos, co-founder of Calibera, along with Katy Hawn, general partner of Andresen Horowitz, Patrick Ellis, general counsel at Bay U, Matthew Davy, strategy director at Kiva, and Wenceseas Cesaris, CEO of Exapo.

According to the Libera Consortium, more than 1,500 bodies have expressed interest in joining the Libera project.