Calibra CEO David Marcus Responds to Claims That Facebook’s Libra Is A Threat To Financial Systems

    David Marcus, known as the head of Calibra, the company in charge of Facebook’s Libra stablecoin, has recently decided to respond to the prominent concerns that Libra could affect the sovereignty of national fiat currencies.

    According to him, this is a myth that has been promoted by some important people such as the economy minister of France, Bruno Le Maire. The French minister affirmed that the sovereignty of the states was being threatened by something such as Libra.

    Marcus has affirmed that it does not make sense to believe this because Libra will be, in fact, backed by other tokens. In order for it to have any real value, the assets that underly the token will also need to have value as well. If the national fiat currencies lose their value, so will Libra.

    The goal of Facebook with Libra, Marcus claimed, was only to offer a great way of paying others and delivering meaningful work. Because of this, it will not “create money”, only provide people with a payment network that basically uses the old version of money as an underlying asset.

    Marcus has affirmed, however, that all attention from regulators is desirable. According to him, this kind of oversight will help to prevent the Libra Association from moving away from its ideals.

    Now, a group of central banks from 26 countries is united in order to visit the headquarters of the Libra Association to grill the creators of the token about how the project can affect their own national money. Marcus has promised to work closely with national regulators and central banks to make Libra as compliant as possible.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BTC Isn’t a Hedge Against Stock Market’s Poor Returns or Coronavirus But US Dollar & Inflation: BitGo CEO

    In 2020, Bitcoin has been following stock markets religiously, so much so that their correlation went to a new high. But now, the flagship...

    Netflix's ‘Tiger King' Villian, Carole Baskin at The Big Cat Rescue Accepts Crypto Donations

    With the Coronavirus (COVID-19) running rampant in the United States, Americans are drooling over the hot new docuseries on Netflix; “Tiger King: Murder, Mayhem...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.