Facebook’s Marcus ‘debunks’ notion of Libra as a threat to Sovereignty

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Facebook’s Marcus ‘debunks’ notion of Libra as a threat to Sovereignty 

“Recently, there’s been a lot of talk about how Libra could threaten the sovereignty of Nations when it comes to money. I wanted to take the opportunity to debunk that notion.”

Unfazed and firm David Marcus aired this statement in a Twitter thread on Monday to challenge the incipient notion hounding global financial markets that Libra might be a threat to the sovereignty.

Co-creator of Libra, Marcus responded to Facebook’s cryptocurrency project critics and adamantly aired the Social Media giant’s side of things. French Economy and Finance Minister Bruno Le Maire is the one responsible for the notion.

Moreover, Marcus stated that the digital currency will be tied to a set of fiat currencies and will be “backed 1:1 by a basket of strong currencies,” saying that Libra is not likely to post a threat to the conventional financial systems.

“This means that for any unit of Libra to exist, there must be the equivalent value in its reserve. As such there’s no new money creation, which will strictly remain the province of sovereign Nations”, Marcus added.

 

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