Facebook’s Libra Should Be Looked At As The Currency Of The Internet: Crypto Mom
SEC’s Hester Peirce who is better known as crypto mom recently spoke at Fortune’s Brainstorm Tech event where she opened up about the regulations around cryptocurrencies and her opinions on Facebook’s Libra.
She does not support any particular cryptocurrency but advocates for the free market and flow of capital. This is the reason she feels that Libra should be not looked at as a “threat” by the SEC. She says:
“Facebook has come out in favor of a cryptocurrency. I have not personally talked to Facebook about what their plans are, but I have read their Whitepaper which contains some of the aspirational visions that I think is possible for cryptocurrency. One of the things that excite me about it is that it is really a way to bring people together so that people can collaborate from all across the world.”
She goes on to cite the advantages of Libra, stating:
“Everyone can get paid in the same currency without the trouble of transactions that currently takes place. It’s almost like the money to go along with the internet. I think that's where the potential value of cryptocurrency lies. There are other uses too, but this is one of the most prominent ones.”
She is not surprised that Facebook is taking advantage of the massive user base that they have across the world. Peirce is closely watching Facebook’s interactions with the regulators and is keen to see the final outcome.
Dante Disparte Thinks Lawmakers Are Missing The Big Picture
Dante Disparte, the Head of Policy and Communications for Libra Association recently wrote a piece for CNN in which he mentions that the US policymakers are missing the larger point. He mentions:
“People with low incomes pay a disproportionately high price for financial services. Cross-border remittances, money orders, and transfers are expensive and slow, and people lower on the economic ladder are more likely to turn to predatory alternatives like payday loans.”
Technology, especially blockchain can solve this problem and policymakers should consider Libra in this regard. He thinks that Libra will provide financial access to at least 2 billion unbanked and underbanked people globally.
His organization has a critical job; to engage with governments and central banks and remove the stigma associated with cryptos. He shows these motives by saying:
“We have a common interest in the stability of national currencies and banking systems, in strong consumer protections, and in providing financial services to all people. We shared our plans well in advance so we can get feedback, and we will remain open and collaborative leading up to the launch of Libra in 2020.”