Voicing negative sentiments about the upcoming Facebook’s Libra project, Marcus Treacher, Senior Vice President of Customer Success at Ripple, said, that highly guarded and centralized structure of Libra is not in line with the principles of cryptocurrency. Just so you know, Libra project is backed by several fiat currencies and will work closely under the control of Facebook, and allied stakeholders such as Visa, PayPal, and Uber among others.
Libra Project and Its Scope:
Libra project is one of the hot topics of discussions in the crypto world and talked as the next big thing in the financial technology domain. The project will establish payment networks around the world, and unlike other cryptocurrencies, the Libra will be backed by Fiat currencies; making it a stablecoin. This will help to provide stability to the coin and solve one of the most contentious issues related to cryptocurrencies volatility.
Treacher pointed out the fact that in its current form, the Libra project will become synonymous with Apple Inc. which is known for having very tight control over the whole ecosystem of its apps and software. In comparison, Treacher said, the Ripple doesn’t have such restrictions with its products and apps being available to everyone.
That said, Treacher expressed his happiness over Facebook taking a plunge into the cryptocurrency. This development is sure to expand the horizon of cryptocurrencies and help the digital coins to get wider adoption. In fact, many countries around the globe are also discussing the possibilities of floating their own digital coins. For example discussions are going on for the launch of a Digital Euro; however, nothing concrete has come out for now.