Ripple’s Brad Garlinghouse on Facebook’s Libra – “We don't need a new fiat currency"
|- Garlinghouse says that Facebook failed to do their homework and was arrogant with Libra.
- Facebook is continuing with the development of Libra despite facing regulatory hurdles.
The Chief Executive officer of Ripple, Brad Garlinghouse in his latest comments on the proposed Facebook Inc.’s Libra cryptocurrency said that the US dollar is working pretty well. Garlinghouse says that Facebook failed to do their homework and was arrogant with project Libra. According to him, the economy does not need another fiat.
“We don’t need a new fiat currency we’ve got the US dollar, the GBP, the yen…there might be some smaller markets where the Argentinian peso and that might make sense but I think that’s a longer tail. I think the way they rolled out as we saw, they had a lot of turbulence, a lot of headwinds.”
Facebook is continuing with the development of Libra despite facing regulatory hurdles from around the world. However, the social media giant said that it will not go on with the launch until all regulators are brought on board. Therefore, we expect a lot of discussions surrounding Libra’s launch and if it will see the light of day after all.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.