Libra—the Facebook-allied cryptocurrency that has been riddled with controversy, is ‘inescapable’ and here to stay. This is according to a French tycoon Xavier Niel, who is also the founder of telecoms group Iliad. The Libra enthusiast said that Libra is “inevitable” and “will exist” just as more than 1000 other cryptocurrencies exist in the market.
All along Libra has met heavy opposition to its proposed launch, coming from the United States Security and Exchange Commission (SEC) as well as some European nations. However, the French billionaire lauded the Facebook-allied stablecoin.
Through his column in a French financial newspaper Les Echos, the Libra enthusiast emphasized that denying Libra access to the crypto market would not benefit anyone.
“With Libra, payments will be much more direct, interpersonal and fast.” He further added that Libra coin would eradicate intermediaries that impact costs and the monopoly often imposed by banks.
Niel Defends Libra
Xavier Niel, who has an estimated net worth of $3.9 billion, defended the Libra project, saying it was reliable and “data protection is guaranteed.” He noted that the fight against money laundering as well as financing of terrorism belongs to everyone. The billionaire emphasized that even if the concerns about Libra are legitimate, they need answers without prohibiting or measuring the benefits for all.
Part of Niel’s statement reads:
“Libra is a reliable project, constructive, demanding and consistent with the interests of our country. This is not the currency of Facebook but the currency of actors who have gathered around a great idea, with a democratic governance, a real co-construction and a European dimension. Data protection is guaranteed.”
In September, France reiterated its position to stop the progress of Libra in Europe. Through her finance and economy minister Bruno Lee, the country believes Libra threatens the “monetary sovereignty” of governments. Earlier, the minister had said that Libra “must not happen” and is out of the question to become a sovereign cryptocurrency.