Libra cryptocurrency co-creator David Marcus has refuted claims by world regulators that the stablecoin, which is due for launch in 2020, will threaten monetary sovereignty of other nations.
Marcus who took to Twitter on Monday (September 16, 2019), stated that Libra is intended to be a “better payment network and system running on existing currencies…there’s no new money creation, which will strictly remain the province of sovereign nations,” he explained.
The senior official further mentioned that Libra has a 1:1 backing from a group of strong currencies to a strong regulatory oversight that prevents the Libra Association from leaving its full 1:1 backing commitment.
Keeping Libra Out of Europe
Earlier last week, France Minister of Economy and Finance, Bruno Le Marie, maintained that the country would stop the progress of Libra cryptocurrency in Europe, as it threatens the monetary sovereignty of nations.
“I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil,” Marie said.
The minister was speaking at the launch of the Organization for Economic Cooperation and Development (OECD) Global Policy Forum 2019, which took place in Paris, France.
In June this year, Le Marie is on record saying that Libra must not get the green light to become a sovereign currency.
Meanwhile Libra Association Head of Policy and Communications Dante Disparte said the Libra project has met the world’s fiercest criticism since the announcement to have it launched. However, he said the Association welcomes the scrutiny and deliberately created a long runway for the official launch, so they could have the necessary conversations, educate stakeholders, and include the feedback in the design.
Repeating his previous remarks, Marcus also stated that the Libra Association will continue to engage with regulators worldwide to address their concerns the design and operations of the Libra coin.
Marcus wrapped up by saying: