R3 CEO David Roth: Facebook's approach to Libra is simply "naive and stupid"

The CEO of the blockchain company R3 recently ridiculed Facebook's way of launching the unreleased Libra stable currency.

According to "Finance News" reported on November 18th, David Rutter, CEO of enterprise software company R3, said that the suspicion of Facebook's upcoming Libra stable currency continues to increase, because Facebook announced Libra this summer is "The ridiculous stupidity."

Libra-4284010_1280

Image source:

"Really naive"

Rott commented at a recent corporate meeting in London, acknowledging that Facebook's plans to issue its own cryptocurrency have enabled policymakers and financial regulators to speed up the review of blockchain and cryptocurrency applications.

However, Rutter added that Facebook's ambition to enter the financial system world is "really naive" (market participants have been working hard for many years).

In his words:

"I think what they are doing is stupid. The way they are launched… Yes, you know that… It’s simply a lack of understanding."

Roth continues:

“When we see [Facebook] talking about weighting a basket of currencies, in fact, when we want to convert it back to real-world currencies, this is not easy. […] It’s really naive.”

Facebook's recent achievements in the field of payments

Although global regulators continue to debate the Libra strategy and hope to reach a consensus on this issue, the Libra Association is embarking on the development of the Libra network. According to reports, the association has recorded more than 30 projects and 51,000 transactions on the Libra network in the past two months.

In addition, the organization plans to introduce a number of new features in the coming months, such as launching a new process for the Contributing License Agreement and establishing a technical steering committee to oversee and manage the technical design and development of the Libra network on behalf of its members. .

In addition, Facebook announced the launch of its new legal payment system called Facebook Pay. This payment system is designed to facilitate payments between Facebook, Messenger, Instagram and WhatsApp.