Libra Not Threat to Fiat, Says Libra Exec

It is the second time this month that an executive working on the cryptocurrency has tried to reassure policymakers

Another Facebook executive has said that the company’s Libra cryptocurrency is not intended to threaten existing fiat currencies.

Speaking at an event in Geneva on Friday, Bertrand Perez, a managing director at the Libra Association, said that Facebook is “not in the area of implementing any monetary policy with the (Libra) Reserve.”

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Perez was discussing digital assets at the United Nations headquarters, with senior members of the global body, along with executives from the International Monetary Fund, in attendance.

Lack of faith in Facebook

It is not the first time that the social media giant has tried to reassure world leaders that it doesn’t have any malicious intentions related to its cryptocurrency.

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Earlier this month, Libra co-creator David Marcus issued a series of tweets saying that the digital asset is not a threat to countries’ sovereignty.

But a near-total loss of faith in the social media giant means that people still remain highly skeptical of its latest project.

As an example, an executive from the European Central Bank said on Thursday that, though Libra could prove to be a positive in the cross-border payments arena, it still carries with it a host of problems.

“[Libra] raises formidable challenges across a broad range of policy domains,” said Benoit Coeure.

“Of particular concern are the risks related to anti-money laundering and countering the financing of terrorism, as well as consumer and data protection, cyber resilience, fair competition and tax compliance.”

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