Libra: we will not replace official currencies

Libra: we will not replace official currencies

Bertrand Perez, Managing Director of Libra Association, recently took advantage of an event focused on the Blockchain to clarify some aspects of the cryptocurrency that Facebook and all the other companies involved in the project intend to launch by 2020. The aim was probably to reassure the banking authorities and regulators.

To clear up any misunderstanding, Perez wanted to emphasize that Libra it was not designed with the aim of replacing official currencies. However, this is at least partly a statement in contrast with Mark Zuckerberg's and partners' ambitious initial intention, which is to revolutionize the world economy at world level.

In this regard the management would have remembered that the Libra Association it has no intention of creating its own monetary policy, this being the case Libra Reserve should be considered a guarantee institution, designed with the aim of making Libra a stablecoin protected from monetary fluctuations that influence the value of other digital currencies.

Perez would have finally confirmed that Libra would also be thought of as a tool for fighting poverty, especially in countries where inflationary tensions contribute more to determining the poverty of large sections of the population. From this point of view the Libra Association it could turn out to be an ally of the UN in achieving different goals that are apparently still far away.

However, with his intervention the manager did not clarify what is now one of the most widespread doubts in financial circles: is the appointment with Libra still set for next year? Menlo Park and its partners may fail to comply with the previously defined roadmap due to pressure from various governments, starting with the US.

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