The Main Representative of Libra is Significantly Changing Its Rhetoric - Is This the Beginning of the End of This Project?
|Ján Repa|source|2886x
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The Main Representative of Libra is Significantly Changing Its Rhetoric - Is This the Beginning of the End of This Project?

In recent weeks, Libra by Facebook has faced major problems. The exit of key players, such as Mastercard, Visa, eBay, PayPal, or even Circle, was a major blow to the finance department of the project. Libra is not very popular among regulators, politicians and bankers, either.  

All these problems are beginning to have a significant impact on the ways Libra Association is being presented by its representatives. At a recent banking seminar, David Marcus, main representative of the Libra project, spoke very differently about Libra by Facebook than ever before. At the seminar held in Washington and organized by the private non-profit Group of 30, Marcus said Libra was still being developed and a lot could change still.



“We could do it differently. We could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc. We could definitely base the Libra project even on national stablecoins. That is one of the options that should be considered.”

What is a lot more interesting, however, is that David Marcus played a completely new card, China. It is no secret that China is working on its own national cryptocurrency. And this is what the main representative of the Libra Association tried to utilize, saying:

“The future in five years, if we don’t have a good answer, is basically China using its digital yuan running on their controlled blockchain,”

What made David Marcus’s rhetoric change so dramatically? One of the possibilities is the fact that Libra is actually not doing well and it's trying to come up with at least some possibility to succeed in the world. That may be the reason why Marcus tried to play this note that was to scare all those competent in the U.S. After all, nobody in the U.S. would like the idea that e-yuan might jeopardize the sovereignty of the dollar as a reserve currency. To what extent these words will scare the regulators and competent authorities in the country is not known yet. What remains certain, however, is that if the situation with Libra continues to develop in the way it is, there may be more such statements coming.

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