Highlights:
- Facebook-led Libra has announced that it might consider including stable cons to its basket
- David Marcus, the project lead, made the announcement in a press conference
- Libra continues to move on in spite of the bas PR they have been accumulating
Yesterday the Libra Association said that it was considering basing its cryptocurrency on a range of fiat currencies instead of a single synthetic one. As reported by Reuters, project lead David Marcus said that they were open to looking at alternative approaches following an avalanche of criticism and the defection of several major partners.
“We could do it differently,” he said, according to the news agency. “Instead of having a synthetic unit, we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc”, said David Marcus to a panel.
He added that there are already a number of stablecoins and Facebook are not the first to come up with the idea. Dimon has long been a crypto critic, famously calling Bitcoin a fraud and threatening his staff with action should they buy any.
Even though of the Switzerland-based Libra Association, which oversees the proposed cryptocurrency, has faced numerous setbacks since the start of the month, with various original member companies including payments giants Mastercard and Visa backing out, it has been trying to face the tide.
The disparagement has continued as JP Morgan CEO Jamie Dimon joined the ranks of critics at a conference by the Institute of International Finance in Washington where he stated that it was a neat idea that’ll never happen.
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