Ever since social media giant, Facebook announced that it was all set to launch its own cryptocurrency project, Libra, the company has been slammed with one controversy after the other. Mark Zuckerberg, the founder of Facebook said that the company is taking more precautions with Libra, than it has with previous projects.
Zuckerberg appeared to show fear, in the face of Libra being slammed by regulators, governments and central banks. In an interview with a news portal, Zuckerberg said, “Part of the approach and how we’ve changed is that now when we do things that are going to be very sensitive for society, we want to have a period where we can go out and talk about them and consult with people and get feedback and work through the issues before rolling them out.”
The reason why Libra has been met with so much resistance is because governments and central banks are worried that with the advent of Libra, the traditional financial system will collapse and financial instability will follow.
Cryptocurrency exchange Coinbase founder, labelled the backlash as odd and misguided. Brian Armstrong, the Chief Executive Officer (CEO) of Coinbase said, “Libra is one of several important crypto projects on the horizon with the potential to improve the world. Whether it works or not still remains to be seen, but I find the backlash to it a bit odd and misguided.”
Libra is one of several important crypto projects on the horizon with the potential to improve the world. Whether it works or not still remains to be seen, but I find the backlash to it a bit odd and misguided. @davidmarcus makes a reasonable case here: https://t.co/nZOGFyZV7c
— Brian Armstrong (@brian_armstrong) September 25, 2019
While the mainstream institutions have been scared of Libra, the cryptocurrency project has received support from the community. Last week, Anthony Pompliano, who is the co-founder and partner at Morgan Creek Digital, said, “While regulators and lawmakers are focused on Facebook’s Libra, the Wall Street banks are creating something much worse. Regulators and lawmakers around the world had a visceral reaction to Facebook’s Libra because of concerns around sovereignty, KYC/AML, data privacy, monetary policy experience, and many other issues. These are all valid concerns and Facebook should address them.”
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