By Hassan Mehmood (Saudi Arabia)
The senior staff members of Ripple have many concerns over Libra project as CEO of Ripple said that Libra has not partnered with any bank at all. According to him it is violating the current financial system.
The Libra since the day of its inception has created a hype environment in the crypto community. The project is signed by 25 giants firms across the globe that makes it more prominent out of all. It has put a lot of pressure on the fiat currencies and in turn received criticism and scrutiny by the US regulators.
It is said that it is going to manipulate the international payments system across the borders. The current operating frameworks such as Western Union will also affected due to Facebook’s cryptocurrency. It is very strange to know that members within the crypto world started criticizing it.
Marcus Treacher called Libra a “Walled Garden”
A top officer at Ripple foundation dealing with customers unveiled in an interview with CNBC that Libra is like a “Walled Garden” The meaning behind it disclosed that it is like a closed system that is very contrary to other cryptocurrencies.
Also read:He insisted that it should be open to everyone so that the purpose of decentralization is fulfilled. It is supposed that he might be referring to past exercises of Facebook and its control over the users’ data.
CEO of Ripple also have some concerns
Mr. Garlinghouse, the CEO of ripple has said many good things about Libra but also expressed his concerns over it. He expressed his sentiments that almost 28 prominent firms have invested in this big initiative but not a single one is a bank.
He said:
A surprise to me, for example, is that in the 28 groups that signed on to the Libra whitepaper, you have zero banks.
On the other hand Ripple is working with a lot of traditional banks across the globe. It has recently made partnership with the 2nd biggest bank of South Korea.
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