Brian Armstrong, CEO and co-founder of cryptocurrency exchange Coinbase, said today on Twitter that he hopes the US government will reconsider its "ridiculous" reaction to Facebook's digital currency Libra.
Armstrong said on Twitter that he believes that "the US government's response is like they want to lag behind people." He also expressed concern that the United States may be outdated because it hinders innovation.
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Armstrong also explained that “innovation often seems counter-intuitive and destructive”, but “the best first step is often to let go.” He also pointed out that the government is often influenced by special interest groups, which “will Use people's fears to try to stop innovation."
The complete tweet he published is as follows:
“Now China is considering creating a stable currency (referred to here as the central bank digital currency), and I wonder if the US will reconsider its ridiculous response to Libra.
There are a lot of cryptocurrencies, Libra is just one of them, but the US government's performance is like they really want to lag behind people.
A country must invest in science, technology, and innovation if it wants to maintain its position for a long time and continue to achieve rapid economic development. It would be even better if the government could help in it. But the first thing to do is not to hinder innovation.
The best first step is often to let go. Innovation often seems counter-intuitive and destructive. Governments are easily exploited by special interest groups or companies that use people's fears and try to stop innovation, especially if they don't have a deep understanding of the situation. (China is more inclined to hire technical experts than the US, even if they don't agree with some of our values.) Payment processing company PayPal officially announced its withdrawal from the Libra project today, which is due to concerns about follow-up regulatory issues. This seems to confirm Armstrong's point of view, but this seemingly just-minded view has been besieged by netizens.
Because Coinbase is inconsistent with Libra, it is in a state of its own – it is a founding member of the Libra Association.
User Loshan said:
"Brian, have you ever wondered why your point of view is always different from most people in the community? This is because you live in the bubble… When Coinbase joined the Libra League, did you ever think that no one would trust Facebook? Their personal data, not to mention the money."
In addition, Coinbase's recent policy of raising fees and fees has caused community dissatisfaction.
User UK farang jokingly said:
"You are lagging behind when other exchanges cut fees and Coinbase thinks this is the best time to raise costs?"
It has also been pointed out that Libra is not a cryptocurrency at all. But more netizens care about Facebook's black history of stealing private data.
So concerned about the digital currency of the People's Bank of China? User ORGANIC ASTRONAUT said:
"China is a country. Facebook is a propaganda machine that steals data, reveals privacy, and corrupts. Its operators have not put our interests in the eye. So, no, Brian. No one wants to use Facebook. Their garbage coins."
Some netizens suggested that Brian put Bitcoin in his mind and don't think about some junk coins.