In a series of tweets, Coinbase CEO Brian Armstrong called out America’s response to Facebook’s crypto project “ridiculous.” Armstrong wrote that the way the US government reacted, it is like they want to be left behind.
Armstrong wrote, now that China is looking into creating a stablecoin, he expects the US to reconsider its ridiculous response to Libra. Brian further added that the way for countries to remain relevant over the long term and sustain economic growth is to invest in science technology and innovation. He believes its better if governments can help, but first, it needs to do no harm.
Now that China is looking into creating a stablecoin, I wonder if the U.S. will reconsider it's ridiculous response to Libra.
There are many cryptocurrencies, and Libra is just one of them. But the way the U.S. government reacted it's like they almost want to be left behind.
— Brian Armstrong (@brian_armstrong) October 4, 2019
Armstrong further explained that innovation often looks counter-intuitive and disruptive, and the best first step for a government is to stay out of the way. He also compared China and the USA in how they handle innovation. China has a history of putting technologists om office more than the US, even if both countries don’t share the same values.
Recently, PayPal announced to leave the Libra Association, reportedly due to the regulatory scrutiny from the regulators over Facebook’s crypto project. Earlier, the French finance minister said that they would not authorize the development of Libra on European soil.