Jack Dorsey has said “hell no” to the thought of Twitter joining the Libra Association. He also said that he didn’t understand why the project needed its only crypto asset-like currency to deliver on its stated goals.
Dorsey said he much preferred decentralised crypto assets. He added that he thought Bitcoin was well on its way to becoming the currency of the internet.
Dorsey Says “Hell No” to Libra but Still a Fan of Crypto
The CEO gave his opinions on the Libra project at a Twitter media event in New York City. According to The Verge, Dorsey responded with a strong “hell no” to the suggestion of his company joining the Libra Association, first detailed by Facebook this June.
Dorsey questioned how exactly the Libra currency will better position the Libra Association to deliver on those goals. He stated:
“I don’t know if it’s a gimmick… but a cryptocurrency wasn’t necessary to make that work”
He added that without the project being an “internet open standard” and being “born out of a company’s intention”, he would never want Twitter to work with the association.
“I think the internet is somewhat of an emerging nation-state in almost every way. It almost has a currency now in the form of cryptocurrency and Bitcoin.”
The Libra project has encountered all kinds of setbacks in the few months since Facebook announced it. Regulators from around the world have expressed concern about the firm’s financial ambitions, the project’s eventual use as a means of financing illicit activity, and the potential for Libra to usurp the sovereignty of nations.
This pressure is believed to have prompted major US companies like MasterCard and Visa to pull out of the Libra Association just hours before its first official meeting.
Particularly damning was the dressing down the CEO received from Rep. Brad Sherman. Like Dorsey, he questioned the project’s aims, stating that rather than helping the worst off around the world, Facebook’s “crypto” would only benefit criminals.
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