Ethereum Co-Founder: Facebook Not Fit to be Libra’s Driving Force

Joseph Lubin, Ethereum’s co-founder, has asserted that Facebook should not spearhead the Libra project based on the concerns raised about its reputation. He, however, proclaimed that he is a huge fan of such projects.

Lubin noted: “I don’t believe that Facebook … with the concerns that we have with respect to trust and personal identity in Facebook, should be driving that project.”

He also added that Libra suffers from its greatest asset.

Since it was launched in June 2019, Libra has been a victim of scrutiny and skepticism from regulators based on Facebook’s planned entry into the financial service industry. Some of the concerns aired entail the company’s alleged mishandling of personal data. 

Lubin’s observations about Libra setbacks can be linked to the withdrawal of major backers, such as PayPal, Stripe, Mastercard, and Visa in October 2019. Notably, pressure from the American government has been inevitable in the Libra project. It, therefore, remains a matter of time to see whether it succeeds or throws in the towel. 

Nevertheless, Lubin is optimistic about stablecoins as he acknowledged: “We’ll see many Libra-like projects going forward with different kinds of price-stable currencies offered.” 

He, therefore, views the Libra project as just the beginning because a beaming future awaits this sector. 

Joseph Lubin image via CNBC