Facebook is trying to defend Libra again. After several authorities announced about their concerns amid Libra currency, Facebook started to make things change.
1/ About monetary sovereignty of Nations vs. Libra:— David Marcus (@davidmarcus) September 16, 2019
The leader of the Libra project, David Marcus made several Tweets on the same day when Libra Association representatives met 26 central banks' officials in Switzerland. He stated that creating Libra is not comparable to forging USD or casting EUR. As he wrote the innocent being of this currency won’t generate new value.
Marcus ensures that Libra is designed to be a better payment system.
The corporation revealed its cryptocurrency plans in June and have suffered from an extensive push-back from lawmakers all around the world. The most significant concern of regulators is that this digital coin can be applied by drug dealers, terrorists and smugglers.
Marcus published: “Lately there’s been a lot of discussion about how Libra could endanger the sovereignty of states when it comes to money. Libra is going to be backed 1:1 by a basket of powerful currencies. This indicates that for any unit of Libra to endure, there must be a comparable value in its stock. So, there’s no new money production, which will rigidly remain the province of sovereign governments”.