Libra to go Decentralized
Facebook official David Marcus took over the stage to defend the contentious crypto project. At the conference hosted by the group of 30, Marcus tried to calm the tensions risen among the officials, saying that a single company won’t control the stablecoin.
He stated, “very clear to us from the very beginning that a payment network such as the Libra network shouldn’t be controlled by one company.” Further, he also reiterated the company’s promises to work per the regulators to discuss their concerns.
The comments came in, following Bruno Le Maire’s objections on Libra. Maire, France’s Economy Minister, questions the potential for a private company to have the power of threatening a government’s control of its currency. In the annual meeting of the World Bank and International Monetary Fund hosted in Washington last week, Maire said, “European governments will not allow a private company to have the same power, the same monetary authority as sovereign states.” He also highlighted that the government would take steps to block Libra from Europe.
Bruno Le Maire’s Account was Suspended Soon After
Marcus, in acknowledgment to the considerations, declared, “the Libra Association, comprised of 21 companies, will welcome competition to benefit local access and strive for the lowest cost possible for consumers.” However, he admonished, “the status quo is not an option any longer.”
Central banks and authorities have been under the impression of fear, regarding the arrival of Libra in the real world. The regulators believe the coin to hold enormous potential for illicit act usages. Marcus assured the World Bank and International Monetary Fund that Facebook always has and always will turn over information on their users to any government that requests them.