Coinbase CEO and co-founder Brian Armstrong tweeted that he thinks the U.S. should get on board with Facebook’s Libra, Cointelegraph reported on Saturday (Oct. 5).
“There are many cryptocurrencies, and Libra is just one of them. But the way the U.S. government reacted, it’s like they almost want to be left behind,” Armstrong tweeted on Friday (Oct. 4).
Armstrong also tweeted that as China gets ready to announce its own cryptocurrency, U.S. regulators should re-evaluate its “ridiculous” response to Facebook’s Libra digital currency.
“The way for countries to remain relevant over the long term and continue to have high economic growth is to invest in science, technology, and innovation. If the government can help here, even better. But first it needs to do no harm,” he tweeted.
China has said that it has no release date for its proposed coin.
“The best first step is often just to stay out of the way. Innovation often looks counter-intuitive and disruptive. Government is prone to being co-opted by special interests/incumbents that will play on fears and try to block innovation here,” Armstrong tweeted.
At a G20 meeting planned on Oct. 17-18, European Union finance ministers will reportedly tell their counterparts that a worldwide regulatory response is needed to so-called stablecoins like Facebook’s Libra.
The ministers are also asking for G20 partners to reform the taxation of digital firms next year as well as address trade tensions, which an EU document indicated “put global growth at risk,” Reuters reported on Friday (Oct. 4).
Facebook’s Libra Association is planning a meeting of its own sometime in October in Switzerland with member firms. Firms that are working with the digital currency project are sending representatives to the meeting, where it is believed that a board of directors will be appointed for the association.
Libra — a blockchain-backed cryptocurrency — aims to connect the 1.7 billion people globally who don’t have access to a bank account to the world of digital payments at no or low cost. The Libra Association is a Geneva-based nonprofit comprised of over two dozen companies tasked with overseeing the planned digital currency.
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