Ripple CEO, Brad Garlinghouse during an interview on CNBC Squawk Box Tuesday, opened up on Facebook Libra during a discussion focusing on Libra’s effect on the crypto world.
Brad, in his statement about Facebook, Libra and how Facebook dealt with the idea of its proposed cryptocurrency, said that Facebook was arrogant about how it presented the idea of Libra, which presumably was why the idea (Libra) met with a dead end.
The Ripple Boss, in fact, continued by ascertaining that the United States needed no other fiat currencies and that the U.S Dollars works pretty well.
The discussion focused on how Libra has affected the cryptocurrency world since it was unveiled by Facebook in June. Truly, Libra met with stiff oppositions which provided enough resistance to stop it from being developed.
In a quarterly report released by Facebook recently, the giant social media platform had pronounced Libra “uncertain” and this has raised many concerns within the crypto industry which were probably one of the reasons why Brad was interviewed by CNBC.
According to Brad,
“I think they are taking a very bold ambitious effort. I think it’s a little bit more than just ambitious but arrogant to take the approach of ” we are gonna build a new…currency.” I think the U.S. dollar works pretty well. We don’t need a new fiat currency”
Brad spotted a few concerns about why Libra couldn’t pass the regulatory test. Among those was the fact that, of the 28 founding members of the Libra Association, no banks or similar institutions to give the project more legitimacy. This was viewed from the perspective that banks work relative to government regulations and somewhat represents the interests of the people in the process.
Therefore, bringing in one or two of well-known banks and bigger financial institutions would immediately raise Libra’s reputation and paint a picture of an institution which not only follows regulations but also works based on existing financial policies.
However, Facebook was said to have been in talks with such well-known banks but a major stumbling block remains how to get these set of investments to join the Libra Association.
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