Following Libra is like being on a rollercoaster at times. The ups and downs are constant and today has been a pretty good day for the project. There have been some positive comments from some central bankers and now co-founder David Marcus has come out fighting.
Speaking in an interview the co-founder David Marcus said:
“It will take time for us to address all of the regulatory concerns that were raised and it’s our duty and our responsibility to come with answers to all of these questions,” head of Libra David Marcus
He then went on to say:
“I think once we’ve done this then I think we’ll see more banks and traditional financial services firms join the effort,” Marcus said, adding it was harder for large, regulated financial firms to “take an active part in this fight right now, given the climate and the pressure.”
He is right, the reputation of Facebook has suffered following some data breaches. If the project gets to market maybe the banks will see how seamless and effective it is.
There is a future on money conference taking place in Washington this week and we have already heard from Bank of England’s Governor, Mark Carney. He said that Facebook’s Libra is addressing an issue in the market. The fact that in this day and age payments should be cheaper and quicker. So they have won some backers but it feels like they need a few more.
Closer to the end of the month Mark Zuckerberg is going to stand before the Senate to answer questions about the proposed stablecoin, so there are more twists and turns yet to come in the Libra saga.
Share
