Altcoin News: Facebook Takes a Position on the Criticism of Libra

September 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

So far, the group has held back when it comes to criticizing the plans for their own currency. It is said that Facebook wants to supplement banking services.

The news from IBM at the beginning of the week struck in the cryogenic world quite high waves. No one less than Jason Kelly — in his capacity General Manager of the IBM — readily said: At the company one can easily imagine working with Facebook. The goal of the collaboration could be to develop the blockchain around the Facebook currency Libra and to design it for systematic implementation.

Meanwhile, there is a statement from Facebook that spread over its own blog. This is now expressed by David Marcus one of the main responsible persons in the Libra Association. Libra, according to the assessment, should supplement and optimize the existing banking system. In the end, Libra (but also other cryptocurrencies such as Bitcoin or Litecoin) would succeed in future-oriented modernizations of the obsolete banking system. Among other things, the Libra co-founder sees one problem with the fact that there are too many individual banking systems that rely on separation rather than interaction. This is exactly what Facebook’s Libra wants to change.

As an example, the expert once again calls transactions across national borders. Instead of involving intermediaries, some of whom charge high fees, digital currencies like Libra should not only allow for quicker currency around the world. In particular, transactions from Wallet to Wallet would be “unbelievably cheap,” as David Marcus himself puts it. In the end, Libra should rather be an extension of the current banking system than to take its place as quickly as possible. For users, transferring and receiving should be significantly easier, regardless of location. Just because no middlemen are involved.

However, many bank representatives will probably lack the belief that Facebook does not want to work against, but with the banking industry.

Author: Marko Vidrih