Facebook executive David Marcus took over the stage to defend the controversial crypto project. At the forum hosted by the group of 30, Marcus tried to calm the tensions risen among the officials, saying that a single company won’t control the stablecoin.
He stated, “very clear to us from the very beginning that a payment network such as the Libra network shouldn’t be controlled by one company.” Further, he also repeated the company’s commitments to work per the regulators to address their concerns.
The statements came in, following Bruno Le Maire’s objections on Libra. Maire, France’s Economy Minister, opposes the potential for a private company to have the power of undermining a government’s control of its currency. In the annual meeting of the World Bank and International Monetary Fund hosted in Washington last week, Maire said, “European governments will not allow a private company to have the same power, the same monetary power as sovereign states.” He also highlighted that the nation would take steps to block Libra from Europe.
Marcus, in response to the considerations, declared, “the Libra Association, comprised of 21 companies, will welcome competition to benefit local access and strive for the lowest cost possible for consumers.” However, he forewarned, “the status quo is not an option any longer.”
Central banks and authorities have been under the impression of fear, considering the arrival of Libra in the real world. The regulators believe the coin to hold immense potential for illicit act usages.