Nouriel Roubini: Facebook’s GlobalCoin is not crypto

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  • Roubini insists that the GlobalCoin has nothing do with the blockchain.
  • He also believes that the project will not include traditional blockchain technologies.

Nouriel Roubini, the well-known crypto skeptic, stated that Facebook’s cryptocurrency GlobalCoin/Libra is not crypto. GlobalCoin is scheduled to be launched soon. Roubini, popularly known as “Dr. Doom,” spoke about his prediction of the financial crash in 2007 and 2008 in an interview. He said:

“It has nothing to do with blockchain. Fully private, controlled, centralized, verified and authorized by a small number of permissioned nodes. So what is crypto or blockchain about it? None.”

Facebook has reportedly signed up over a dozen backers for its GlobalCoin cryptocurrency which will be backed by a basket of fiat currencies. The new backers include firms like Visa, Mastercard, PayPal, and Uber will fund roughly $10 million each to acquire the nodes of the cryptocurrency.

Though Roubini agreed that nothing has been disclosed about the project as yet (he made the statement before the whitepaper release), he doesn’t think that GlobalCoin will include traditional blockchain technologies such as proof-of-work or proof-of-stake. Plenty of people in the crypto space have criticized Facebook for calling their token a cryptocurrency. Roubini insists that his claim is his own and he has no association with the so-called “crypto faithful.”

 

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