Libra Co-Creator Dispels Fear of Libra Becoming the New Fiat Money

David Marcus, co-creator of Libra, put to rest the rising fear that Facebook’s Libra could breach the monetary sovereignty. He tweeted,

Marcus stated that Libra is being created to give the world a ‘better payment system’ so that it could run with existing currencies. This futuristic payment system intends to fulfill the need of the evolving financial scenario of the world and not to become a new standard. This means that Libra is a unique amalgamation of digital currency and fiat money.

The reason why the crypto of Facebook is garnering so much attention from regulatory bodies is the government of different countries and also policymakers because of its colossal network. It already has such a huge reach and trusting customer base that has the potential to change the dynamics of the financial world, ripples of which could also be felt in the executive and the judicial systems. Along with this, a constant fear looms regarding the use of such payment systems by drug lords, extremist groups, and other unlawful entities to evade the system. Political figures of France and Germany are of the view that Libra should be blocked in the Eurozone till they are convinced of it not being a threat to their monetary’s sovereignty.

David Marcus, former President of PayPal, is currently Vice President of Messaging Products of Facebook. He heads the Facebook Messenger unit. He is also a member of the Coinbase Board of Directors and heading Libra. He will be starting work on Calibra after the complete handover of Libra to the members of the Libra Association, a cluster of 28 firms.

Recent Articles

Smart Sight Innovations Provides Blockchain-based Solution for Trusted’s Web App

Headquartered in Mumbai and working as a renowned IT and web-based solution providing firm Smart Sight Innovations has designed a revolutionary blockchain-supported solution for...

RBI Says Crypto Not Banned in India but Offers Little in Terms of Utility

The Reserve Bank of India on Wednesday made a strong statement against Crypto and asserted that residents of India are in no need of...

Siemens gets support from Trump on Middle East Reconstruction Projects

In a recent interview with CNBC at the World Economic Forum (WEF), Siemens CEO, Joe Kaesar revealed that US President Donald Trump would support...

Ways to Catalyze Mass Adoption of Cryptocurrencies

The adoption of cryptocurrencies is gradually gaining momentum in this era when the global economy is looking forward to digitization. From money transfer to...

World Economic Forum: Leaders Talk about Reshaping the Monetary Systems

The annual meeting of the World Economic Forum (WEF) which commenced from January 21, 2020, has brought speakers from across the world to discuss...

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox