Dallas Mavericks NBA Team Governor Mark Cuban: Facebook’s Libra Coin May Be Dangerous
Cryptocurrency enthusiast and Billionaire tech entrepreneur Mark Cuban has launched a daunting attack on the new cryptocurrency project by Facebook called Libra, stating that he is not a fan of the new coin, basically because it could be very dangerous to both the traditional financial sector and the cryptocurrency community at large.
Libra is a Dangerous Project
The tech guru, who is also the owner of the basketball club, Dallas Mavericks and a major shareholder in Shark Tank, during an interview with the press expressed his view about the new coin and its potential in the cryptocurrency market.
‘’ I am not a big fan of what they are doing there, I believe strongly that it is a very big mistake.’’
He stressed further that he’s not really concerned about its impact in the United States but the negative effect it will have on the global economy.
Matching his points with a vivid example, Cuban maintained that the Libra project will greatly affect countries that do not possess strict cryptocurrency law, have a strong economy. government stability or the rule of law that can protect its economy against such projects.
A Critic Too Many
Furthermore, he pointed out that there might be some kind of despot in some African countries that get really upset that they cannot really control their currency anymore, which could be really dangerous.
The Libra project by the biggest social media platform Facebook took the financial sector by storm, and its launch, it’s been widely criticized by both the crypto and the fiat financial sector.
Apart from the vote of no confidence by some notable figures in and around wall street, the President of the United States Donald Trump, recently launched an attack against Libra, stating that he is not really a fan of cryptocurrency in general and that Libra will have ‘’ little standing and dependability.’’
The very outspoken Republican President further explained that ‘’ If Facebook and other companies want to become a bank, then they must seek a charter and become subject to all Banking Regulations,’’ he maintained.
Economists and Politicians like the French Finance Minister Bruno Le Maire and the Governor of the Bank of England Mark Carney have over the time also questioned the Libra project, expressing their concerns and fears at different forum.
The Federal Reserve Chairman Jerome Powell, while appearing on Capitol Hill this week also maintained that he has a serious concern concerning Libra.
Bitcoin Exchange Guide reported that the Libra project is focused on real-time enterprise applications that are able to optimize and automate the many different processes required as part of the tax system, including reporting, compliance, and control.
The Libra project might rump all other cryptocurrency projects, this is basically due to its publicity powers that included millions of users on Facebook, Whatsapp and Instagram.
The fear of Libra is basically due to its potential to crumble economies, render bank useless and limit the powers of most central banks.