- The world would need Libra – Libra Executive
- Facebook Libra’s Persistence setbacks
Speaking at the Digital Money Forum at the Consumer Electronics Show (CES) in Las Vegas, the Vice Chairman of Libra Association, Dante Disparte stated that: “Bitcoin as an asset class has proven that mathematical scarcity can support an incredibly exciting asset, it’s not a means of payment. It just isn’t.” stating further, he added: “The bottom rung of the ladder of economic mobility is payment access.”
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Desparte made his argument to gadget fans and technology users. He explained that crypto is not cutting it on payment. He added that was what steer his interest in what Facebook was creating with Libra. The Libra Association is a group of large companies that aims to ultimately launch the Libra stablecoin, a combined cryptocurrency created by Facebook for the millions of people who do not have access to banking services.
According to the roadmap, each company involved in the association would run a node, but only those authorized by existing members can join. Although it is more decentralized than existing Finance, it is not without authorization, like BTC or ETH. According to Disparte, Libra is trying to fix complex issues on payment. He stated: “Libra is how you drive mass adoption? How do you remove insidious levels of friction that make it cost-prohibitive to give people access to payments?”
Facebook Libra’s Persistence Setbacks
Commenting on the persistence setback the proposed crypto has been facing, Akin Sawyerr, a strategy lead on the proposed project stated: “I’m not convinced that a council of self-interested companies can do money better than a decentralized system.” Explaining further, he added: “The only way to get there is to empower the individuals to have some base-level sovereignty.”
By sovereignty, Sawyerr implies to a level on which a person has unauthorized control of their money. In BTC terms, as long as the person controls their keys, their BTC cannot be taken away. He also shared his fears that an authorized system control by dozens of big organizations would be hard to get restrictions.
Also, the payment companies primarily involved in the Libra Association such as Visa, MasterCard, PayPal, and others withdrew their support for the proposed currency in October 2019. Nonetheless, Disparte refuted that until crypto without restriction offers a payment system that people in the emerging world utilize and shows that it can last, it would be biased to subject Libra to what he termed “a crypto purity test.” “It’s not one or the other. The world is not zero-sum,” Disparte said.