- Facebook’s Libra will push regulators to take a stand on the ongoing Libra criticism says R3 chief David Rutter
- Libra set the pace as Countries contend for cryptocurrency omnipotence
Facebook’s declaration of creating its cryptocurrency termed Libra to billions of users globally will mount pressure on central bankers and regulators to take a stand. According to R3 CEO David E. Rutter, it is a good thing for bringing legality to the sector. Rutter went thus:
“If we’re going to legitimize this world which has been fraught with fraudulent ICOs that are bringing no value, and we 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 provides Corda, a DLT, for companies to conserve a shared, absolute ledger of transactions. This allows the financial, health care, trade, and digital assets industries to share information steadily and privately. While Corda users can accept or reject new transactions before obliging the changes.
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Recently, Microsoft announced bigger incorporation with a commercial version of Corda on its Azure Blockchain Service. Commenting on this, Marc Mercuri, the Principal Program Manager stated, “As customers were building an end to end solutions, one of the big requests was to make integrating Corda with enterprise data, systems, and Software as a Service easier.”
Rutter also discussed Thailand’s Siam Cement Group which is running on a blockchain solution established on Corda. The application known as Procure-to-Pay is aimed at simplifying procurement and payment for 2,400 suppliers by 2020.
Libra Set the Pace as Countries Contend for Cryptocurrency Omnipotence
Facebook project Libra has set the pace for national regulators. Facebook brought not just its universally recognized brand to the obscure world of cryptocurrencies but also an army of banks, payment providers and other financial institutions, which all supported its project. The subsequent criticism from regulators, which questioned if Libra could offer consumers with security and privacy and the market with financial stability, took enthusiasts by surprise. This prompted criticism has so far left a dent on Facebook and its leagues of a partner. Visa and MasterCard are among those partners who have left the project thus far.
Libra has gradually become the yardstick for governments’ outlooks to crypto assets. Even though politicians and regulators have kept up with developments going on with stablecoins, Mr. Zuckerberg’s involvement with Libra, promising affordable and swift money transfers is quite convincing.