“I’m A Big Fan Of Bitcoin,” Says Libra Head David Marcus Who Sees It As A Digital Gold

Libra co-creator David Marcus yet again shared his views on Bitcoin that he believes is digital gold.

In an interview with CNBC, on the question of if he owns any Bitcoin, Marcus replied,

“I've said this for a long time, I started looking into Bitcoin since 2012 and I'm a big fan of Bitcoin and you know what I see as digital gold.”

Last week, Marcus shared similar sentiments on Twitter when he said, “Already had a lot of appreciation for Bitcoin well before I started on this journey. But appreciation is growing.”

But Libra isn’t going on the same path as of Bitcoin, given that it is hardly a cryptocurrency, just a stablecoin using fiat currency to manage the volatility inherent in digital currencies.

On this prospect, Marcus said,

“if there was a stable low volatility scalable version of Bitcoin that we could use today, my life would be so much simpler, we could focus on that.”

But Bitcoin, he says is digital gold and people who send money home needs a high quality and stable digital asset that moves money at a fraction of the cost. And this is what Libra, Marcus said is focused on building.

Libra is committed to working with regulators

In the past few days, seven of the Libra Association members have pulled out of the group, leaving Libra with only one payment company PayU.

Just yesterday, G7 released a report on stablecoins stating that they are the future of digital currency innovation as fiat-backed digital currency eliminates volatility and enhances speed, security, and reliability of payments.

Libra Association wrote a response to G7’s report, where it said Libra will work with regulators to “replicate the strong legal protections that exist for fiat currency.”

It further addressed the regulators' concern that Libra would undermine their national sovereignty, saying Libra is designed to “respect national sovereignty over monetary policy.”

The stablecoin, the Association further said is designed to work with existing regulatory institutions and facilitate compliance with global protections around AML, KYC, and illicit finance.

Another positive news for Libra came into the form of support from US Senate Mike Rounds who in his letter to Libra Association member Anchorage praised their “deliberate approach” while talking about the archaicness of the Securities Act that was written half a century before the computer and the Internet was created.

This certainly comes as a ray of hope for Facebook’s cryptocurrency project that has been facing regulatory scrutiny from the regulators all over the world.

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