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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Opinion

How much selling pressure remains after the hacker account has liquidated 300,000 BNB?

In recent days, with the liquidation of BNB cross-chain bridge hacker Venus account positions, crypto KOLs on the int...

Market

Latest Interview with Zhao Changpeng: Being "Under the Microscope" of Regulation, Market is Recovering in Bearish Period

On May 29th, Binance CEO Changpeng Zhao gave an interview to Bankless discussing his views on the current state of th...

Opinion

Why is selling risk the good business model?

The top companies, the market makers, are the ones who sell risk. They are the giants who have stacked up their finan...

Blockchain

Three major domestic virtual currency exchanges focus on compliance business and actively engage with local governments and state-owned enterprises

China Times (www.chinatimes.net.cn) reporter Ran Xuedong trainee reporter An Lingfei Beijing reports The currency cir...

Blockchain

The compliance exchange is about to appear in Singapore?

On December 18, 2019, the official website of the Monetary Authority of Singapore (hereinafter referred to as "M...