Facebook’s Libra will pressure regulators to take a stance: R3 CEO

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  • R3 CEO David Rutter said that the pressure is a good thing for legitimizing blockchain and tokenizing real assets across industries.
  • R3 offers Corda (a DLT) for firms to maintain a shared, immutable ledger of transactions.

According to R3 CEO David E. Rutter, Facebook’s announcement of launching its cryptocurrency Libra to billions of users globally will pressure regulators and central bankers to take a stance. He added that this is a good thing for bringing legitimacy for the sector. 

Rutter said:

If we’re going to legitimize this world which has been fraught with fraudulent ICOs that are bringing no value, and we really want to tokenize real assets, securities, natural gas contracts, gold, oil, diamonds, art, there needs to be a legitimate secondary market where you as an individual or as a corporation can go and transact and know that it’s appropriately regulated.

R3 offers Corda (a DLT) for firms to maintain a shared, immutable ledger of transactions. This helps the health care, financial, trade and digital assets industries to share data privately and consistently. Before committing the changes, Corda users can accept or reject transactions. Recently, Microsoft announced the collaboration with a commercial version of Corda on its Azure Blockchain Service. 

Marc Mercuri, Principal Program Manager, Blockchain Engineering, said in a blog post:

As customers were building end to end solutions, one of the big requests was to make integrating Corda with enterprise data, systems, and Software as a Service easier.

 

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