Libra Association Vice-Chairman Calls Bitcoin An ‘Exciting Asset' But ‘Not For Payments'

According to Dante Disparte, the Libra Association vice-chairman, Bitcoin isn’t a means of disbursement. Disparte said this when speaking to early adopters of tech and gadget fans in Las Vegas who had attended the Digital Money Forum at CES (Consumer Electronics Show). Disparte noted that:

“The bottom rung of the ladder of economic mobility is payment access.” He went on to note that” crypto just isn't cutting it on payments.”

He mentioned that this was the sole reason he was fascinated in what Facebook was trying to create with Libra.

The Libra Association comprises of a grouping of numerous corporations which seek to ultimately release the Libra stablecoin. The stablecoin will be a coalesced digital asset designed by the social networking giant. It’s intended for use by the millions of people around the world who currently lack access to the services provided by modern-day banking institutions.

Each corporation involved in its development would operate a node. However, the only companies that would be allowed to do so are those that would receive the formal go-ahead from the existing members.

While the cryptocurrency is expected to be more decentralized compared to existing finance, there’s a difference in that the asset is not permissionless, as is the case with ethereum and bitcoin.

Disparte added that Libra was making an attempt to try and solve complicated issues.

Pushback

Akin Sawyerr, the strategy leader on the Decred Project stated that he was not convinced that a group of corporations interested in their own interests would do finances any better compared to the devolved systems. He added that:

“The only way to really get there is to empower the individuals to have some base-level sovereignty.”

By independence, what Akin was referring to was ensuring that individuals had complete control over their finances. When you look at it in terms of bitcoin, when the crypto asset owner has control over their keys, it means that no other person can take control over that particular asset.

Sawyerr doesn't believe a permissioned system being run by a collection of big corporations would be resistant to censorship.

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Daniel W
Daniel W
Daniel Wambugu writes daily cryptocurrency and blockchain related articles BitcoinExchangeGuide. His articles have appeared in numerous blogs, media publications, and community forums. He prides himself on once being a beginner and uses his experience to deliver high-quality insightful content for our dear readers. With a knack for reviewing ICOs or researching news, Daniel plans to continue being a top contributor for many years to come.

[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

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