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Facebook’s Libra would be great for crypto, but bad for humanity, claims Ethereum Co-founder Joseph Lubin

Biraajmaan Tamuly

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Source: Pixabay

Social media giant Facebook’s entry into the cryptocurrency universe with Libra has generated a lot of news coverage, most of it negative. Mark Zuckerberg’s platform with a 2.5 billion-strong userbase has been drowning in regulatory concerns ever since Libra was first announced. Many have expressed their views on the launch.

While some believe Libra might be beneficial for the industry owing to Facebook’s global reach, others like Jake Chervinsky, General Counsel at Compound Finance, dissed Facebook as he believes that it does not reflect the basic characteristics of cryptocurrencies. Recently, Ethereum’s Co-founder Joseph Lubin also expressed his views on the controversial currency in an interview with BLOCKTV.

Lubin expanded on how Germany, France, and the United States, among others, are going to line up to stop Facebook from launching Libra. The project’s “greatest asset is its greatest liability,” he said.

Furthermore, Lubin came up with a solution that could help Libra operate smoothly. Even though Facebook is handling the project and is almost entirely involved in the project, Lubin thinks that the social media platform should back out so that Libra can run independently. He said,

“It will be outstanding for our ecosystem. It’ll draw a lot of attention and a lot of users, but it’ll be really bad for humanity.”

Lubin concluded by suggesting that Facebook is going to use the “deep portfolios” Facebook has of its user base and “marry” it with the financial history.

Facebook has time and again been pulled up for privacy issues and in more recent news, Mark Zuckerberg is reportedly in Washington to meet Senators to discuss internet regulations. However, it remains unsure if Zuckerberg would be addressing the company’s crypto-venture.

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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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