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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.
Swati is an experienced crypto writer and content strategist with deep roots in the Web3 ecosystem, specializing in market trends...
Swati is an experienced crypto writer and content strategist with deep roots in the Web3 ecosystem, specializing in market trends and blockchain culture. With a background at Shiba Inu and CoinEx, Swati brings a unique blend of industry insight and creative storytelling to the crypto space. Swati consistently delivers high-quality, timely, and engaging content that resonates with both industry veterans and newcomers. Swati’s work reflects a strong understanding of the ever-evolving crypto ecosystem, providing valuable insights supported by thorough research and real-world experience.
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Harsh Chauhan is an experienced crypto journalist and editor at CryptoMoonPress. He was formerly an editor at various industries, including...
Harsh Chauhan is an experienced crypto journalist and editor at CryptoMoonPress. He was formerly an editor at various industries, including his tenure at TheCryptoTimes, and has written extensively about Crypto, Blockchain, Web3, NFT, and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he holds the pulse of the rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced. With a deep understanding of market trends and emerging technologies, he strives to bridge the gap between complex blockchain concepts and mainstream audiences.
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Last updated February 22, 2020
