Facebook’s stablecoin Libra project has been a source of much controversy in the global financial industry ever since its announcement earlier this year. The project has been heavily criticized by governments, crypto enthusiasts and stakeholders in all sectors. 

Circumventing Conventional Banking

Ripple Product Director Craig DeWitt tweeted his opinions about the project, stating in reply to a post by Coinbase CEO Brian Armstron that Facebook’s Libra is equivalent to “having a money market account at FB”, adding that Libra is “a cash account with a blockchain wrapper.” 

DeWitt purportedly believes that Facebook’s real intention on developing Libra as a cryptocurrency is to circumvent conventional banking regulations. Other critics tend to see Libra as Facebook’s approach to disrupt and dominate the global financial order. 

Recently, France and Germany announced their hostile stance against the social media stablecoin, calling it a threat to the EU economy that they will be rejecting altogether.

Libra Finds Support in Coinbase CEO 

Armstrong recently tweeted that the backlash against the stablecoin was unnecessary, as well as “odd and misguided.” The tweet was a shoutout to a recent blog post by David Marcus, head of Calibra, who acclaimed Libra as a game-changer for both the cryptocurrency market and the global financial system.

Armstrong stated that Libra was one of the most important cryptocurrency projects in development, while noting that only time would tell whether the project is capable of revolutionizing the financial industry.

Meanwhile, Facebook Chairman and CEO Mark Zuckerberg’s interview with Nikkei has cast doubt on Libra’s 2020 launch plans. When asked about an expected launch date, Zuckerberg would only say the team wanted to roll out the product as soon as possible.

Source: https://beincrypto.com/ 

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