A co-founder of the Ethereum blockchain has quoted that Facebook should not lead the stablecoin project Libra. Joseph Lubin has come to the front acknowledging the cryptocurrency but parallelly shares no support for its originator Facebook.
Lubin told CNBC that he is a big fan of projects like Libra, but apparently, Libra “suffers from its greatest asset – the social media giant itself.” He added, “I don’t believe that Facebook, with the concerns that we have with respect to trust and personal identity on Facebook, should be driving that project.”
Although Facebook is not the sole controller of the project, it remains the founder. The Ethereum official also revealed his take on the launch of Libra, mentioning that his only hope was to release the coin in a bunch of small-and-medium-sized nations and eventually launch it in European and American countries that carry less favor towards it. Besides all, Lubin continues to hold an encouraging prospect for the stablecoins backed by reserve assets.
He remained optimistic for such developments, and cited, “We’ll see many Libra-like projects going forward with different kinds of price-stable currencies offered.” Recently, the global trading regulators also asserted to include the stablecoins under the existing securities laws for better.