Twitter CEO Jack Dorsey says “hell no” to joining Facebook’s Libra cryptocurrency

Twitter CEO Jack Dorsey said that he would never join the Facebook’s Libra in a Twitter media event in New York City. When asked if he would join Facebook’s Libra, he said “hell no”. And he also explained that Facebook’s cryptocurrency system is not actually necessary for democratizing the financial system. He also adds, “I don’t know if its gimmick, but a cryptocurrency wasn’t necessary to make that work”.

Jack Dorsey says, “It’s not an internet open standard that was born on the internet. It was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want out the company to stand for”. Dorsey was also enthusiastic with the idea of decentralized cryptocurrencies and wants to see them as part of an emergent international community.

He said, “I think the internet is somewhat of an emerging nation-state in almost every way. It almost has currency now in the form of cryptocurrency and bitcoin”.

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Facebook announced the global digital coin, which is going to be governed by Libra in June. Facebook’s new idea of creating digital currency called Libra has been receiving many negative comments from US regulators and politicians in the last few weeks. The Libra association which will govern the currency officially signed 21 members at the organization’s inaugural meeting in Geneva on Monday.

Actually, the Libra association had 27 members, but many companies withdrew from the project in recent days. The payment companies like PayPal and Stripe, financial service giants like Visa and MasterCard, Online marketplace eBay, and online travel site booking holdings and Mercado Libra’s online payments platform announced their withdrawal.

Libra, which is to be launched in the first half of next year, will be used to purchase products, send money internationally and make donations. But the major companies who are still a member include payment providers Uber, Lyft, Spotify, PayU, Coin base, Far Fetch, Union Square Ventures, Bison Trails, Xapo, Women’s World Banking, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Creative Destruction Lab and European telecommunication company Vodafone.

Moreover, the US senators sent letters to many financial firms saying that they would receive “a high level of scrutiny from regulators” if they are going to join the new currency plan. The French economy and finance minister Bruno Le Maire also gave a warning that with the current scenario, Libra is a threat to the “monetary sovereignty” of governments, and it will not be authorized in Europe.

Facebook CEO Mark Zuckerberg had to face six hours of questioning on Libra and also Facebook received negative comments from lawmakers. Also, California Rep. Maxine Waters, the US House Committee on Financial Services chairwoman said, “It would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project”.

However, Facebook claims that the new digital coin would help people with global money transfers and help people who do not have a bank account. Mark Zuckerberg, the CEO of Facebook, said the same point during the testimony in front of the US Congress. He also mentioned that many investors backed off from the project, and he himself accepted that it is a highly risky project and said that he is even not sure it would even work.

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