Ethereum co-founder believes that Libra should not be headed by Facebook – Libra News

The co-founder of Ethereum came forward favoring Libra but not its parent firm. Joseph Lubin stays optimistic over the developments of stablecoins but has stated that Facebook should not be driving the project as the concerns regarding trust and security are very high in its context. He hoped for Libra to launch in fewer areas for a start and eventually climb up the larger nations.

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.

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Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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