Facebook’s cryptocurrency, Libra has been continuously facing hatred and opposition from many parties since the day the idea was proposed. Lately, the Finance Minister of France, Bruno Le Maire stated that Facebook is usurping the sovereign right of states to issue Libra, which has the potential to bring up dramatic and unforeseen repercussions.
David Marcus, the Executive of Facebook reassured that Libra will not be in control of any organization and it will no longer be synthetic as proposed in the beginning, instead, it will be based on fiat money like dollar/sterling pound/euro stablecoin.
Marcus openly stated that Libra project “welcomes competition to benefit local access and strive for the lowest cost possible for consumers”, at a forum organized by an international body of leading financiers and academics (G30). He explained that the project will not be able to move forward without getting complete regulatory approval and addressing every legitimate concern.
Agustin Carstens, the Head of Bank for International Settlements added, “we recognize that a change of this magnitude can’t be operating without a great sense of responsibility, but we can actually work together to solve these issues.”
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