{"id":396138,"date":"2019-09-16T15:00:07","date_gmt":"2019-09-16T15:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=396138"},"modified":"2019-09-16T13:56:24","modified_gmt":"2019-09-16T13:56:24","slug":"marcus-defends-libra-cryptocurrency-in-latest-bid-to-woo-central-banks","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/marcus-defends-libra-cryptocurrency-in-latest-bid-to-woo-central-banks\/","title":{"rendered":"Marcus Defends Libra Cryptocurrency in Latest Bid to Woo Central Banks"},"content":{"rendered":"

Facebook executive David Marcus defended the Libra cryptocurrency<\/a> ahead of his meeting with the representatives of global bankers in Basel on Monday.<\/p>\n

The co-creator said Libra is not going to challenge or undermine the sovereignty enjoyed by nations, adding that the cryptocurrency merely wants to become a “better payment network” and deliver meaningful financial services to people around the world.<\/p>\n

Marcus explained that Libra wants to engage with regulators and respond to all their major and minor concerns about their cryptocurrency project. He specifically highlighted one of such issues in his tweet: that of Facebook’s ability to issue new money and, in turn, destabilize the global financial order. Stating that a pool of global currencies will back Libra one-to-one, Marcus said their cryptocurrency would remain within the scope of sovereign nations.<\/p>\n

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4\/ Libra will be backed 1:1 by a basket of strong currencies. This means that for any unit of Libra to exist, there must be the equivalent value in its reserve.<\/p>\n
— David Marcus (@davidmarcus) September 16, 2019<\/a><\/p><\/blockquote>\n