Search Coins

Technical Bids at 8860 Support BTC/USD: Sally Ho's Technical Analysis 25 May 2020 BTC few seconds ago

The Signal That Preceded Bitcoin’s Drop to $3k in 2018 Is About to Flash Again

www.newsbtc.coman hour ago

Small-Cap Crypto Assets Are Outperforming Bitcoin: Here’s Why This Will End Soon

bitcoinist.coman hour ago

Bitcoin (BTC) Analyst Predicts Further Retracement After BTC/USD Dips Below $8,700

coingape.com2 hours ago

Nearly $20 Million of BitMEX Longs Liquidated As Bitcoin Tumbles Below $8,800

www.newsbtc.com2 hours ago

This Is Not Capitalism: How Covid-19 Shined a Light on America’s Fascist System

news.bitcoin.com2 hours ago

“Rich Dad Poor Dad” Author Continues to Promote Bitcoin as Economy Worsens

www.newsbtc.com3 hours ago

ETH/USD Orbiting 206.57: Sally Ho's Technical Analysis 24 May 2020 ETH hours ago

BTC Dreads Weekly Close, Satoshi Mystery, A Big Blunder: Hodler’s Digest, May 18-24

cryptopost.com4 hours ago

The Market Factor That Predicted Bitcoin’s $8,000 Halving Bottom Is Back Again

thebitcoinnews.com4 hours ago

Africa Is Experiencing a Crypto Renaissance

cointelegraph.com5 hours ago

Bitcoin advocate: Hardware wallets are 'robust and much safer' form of crypto-custody

eng.ambcrypto.com5 hours ago

Goldman Sachs to Discuss BTC in Client Seminar

www.livebitcoinnews.com5 hours ago

BTC Dreads Weekly Close, Satoshi Mystery, A Big Blunder: Hodler’s Digest, May 18–24

Ripple Says New Platform Designed to Let XRP Holders Be Their Own Bank

dailyhodl.com5 hours ago

US Real Estate Crisis: Home Sales Plunge to 9-Year Low, Mortgage Delinquencies to Soar Past Great Recession Level

news.bitcoin.com5 hours ago

Traders Believe Ethereum is About to Make a Massive Move; Will It Favor Longs?

www.newsbtc.com5 hours ago

Coldplay Bassist Invests in Bitcoin (BTC) Trading App

btcmanager.com6 hours ago

Bitcoin: Africa might become the 'leading crypto continent in the next 5 years'

eng.ambcrypto.com6 hours ago

Louisiana lawmakers advance bill for licensing crypto businesses

www.theblockcrypto.com6 hours ago

Reddit cofounder Ohanian highlights ‘crypto spring’ for engineers, product developers

www.theblockcrypto.com7 hours ago

Robert Kiyosaki: The Time Has Come to Buy Bitcoin

www.livebitcoinnews.com7 hours ago

XRP in for another negative breakout as 200-moving average resists upswing

eng.ambcrypto.com7 hours ago

Investors are Heavily Accumulating Ethereum Despite Gloomy Outlook

thebitcoinnews.com7 hours ago

Bitcoin Price Drops to $8,840 — Key Metrics Signal BTC May Correct Further

cointelegraph.com7 hours ago

ECB Board Member Claims Facebook’s Libra is Not a Real Crypto

Sep 2, 2019 9:00 PM +00:00

News surrounding the imminent launch of Facebook’s cryptocurrency – dubbed Libra – captivated the world earlier this Summer, and although the hype surrounding the project has largely worn off, many analysts still view it as a catalyst for greater widespread adoption of crypto.

Although Libra was met with praise by many, it certainly has its fair share of detractors, and now an executive board member of the European Central Bank (ECB) is adding to the controversy surrounding Libra, claiming that it is not a real cryptocurrency.

ECB Board Member Claims Libra Ecosystem Will Become “Cartel-Like”

Yves Mersch, an ECB executive board member, spoke about Facebook’s crypto initiative during a recent legal conference in which he boldly stated that Libra is a “siren call” that will ultimately lead to the formation of a “cartel-like” ecosystem.

Despite being an advocate of state-backed fiat currencies, Mersch notes that the Libra-ecosystem is largely designed in an effort to give Facebook centralized control over the entire entity.

“To begin with, Libra coins will be issued by the Libra Association – a group of global players in the fields of payments, technology, ecommerce, and telecommunications… The Libra Association will control the Libra blockchain and collect the digital money equivalent of seignorage income on Libra,” he explained during the conference.

He further went on to add that Calibra, the group that will be managing Libra, is a fully owned subsidiary of Facebook, so despite their claims that they won’t directly be involved in the Libra ecosystem, the social media giant is still likely to maintain full control over the ecosystem.

Mersch: Facebook’s Crypto is Not a Real Cryptocurrency

One key aspect of Bitcoin and many other cryptos that advocates commonly point to is their decentralized nature, with no single entity reserving the ability to completely alter or control the ecosystem.

Libra, however, does not appear to have this feature, as it is highly probable that Facebook will exercise immense control over the digital currency and the ecosystem built around it.

Mersch spoke about this during the conference, explaining that Facebook’s digital currency shares little in common with decentralized digital assets like Bitcoin.

“With such a set-up, it is difficult to discern the foundational promises of decentralization and disintermediation normally associated with cryptocurrencies and other digital currencies,” he noted.

Although Mersch further went on to express his support for state-backed fiat currencies like the Euro, his strong critique of Facebook’s crypto as a pseudo-cryptocurrency is emblematic of the fact that even critics of digital assets like Bitcoin recognize that decentralization is a benefit that digital assets offer the world.

Featured image from Shutterstock.

The post ECB Board Member Claims Facebook’s Libra is Not a Real Crypto appeared first on NewsBTC.

Share This Article

Get the most out of CoinFi News!

Save coins into your Watchlist and be the first to know about the latest market moving news.