CoinShares CSO Said, That Libra Is Not Cryptocurrency
Libra is a database created by a company the world doesn’t trust, said Meltem Demirors, Chief Strategy Officer at CoinShares. According to her, the Facebook project is not a cryptocurrency due to its “highly centralized” structure, the coin is not an asset, but is supported by other assets, which creates fundamental risks for users, writes FXStreet.
Bitcoin is decentralized, nobody can control the network or remove users, censor transactions. Libra is not, it’s managed by a group of private for private corporations and entities that are part of the Libra Association,
She added that the Bitcoin network has been operating for ten years and it has been tested by unsuccessful attempts by people to control the blockchain. Development Libra is now at an early stage, the launch is planned for the first quarter of 2020, but the dates can be repeatedly postponed.
Earlier, finance ministers met in France to discuss the introduction of legal controls on Facebook cryptocurrency. According to the participants of the meeting, Libra must be strictly regulated in order to protect users.