Facebook’s proposed digital currency Libra has faced a lot of criticisms far ahead of its official launch. This has been on since the whitepaper for the digital currency was released in May this year. The U.S Securities and Exchange Commission (SEC) isn’t left out of the resistance against Libra which has cast some doubts on the possibility of the digital currency actually gaining the regulator’s approval for official release.
While this is the commonest sentiment about Libra in the cryptocurrency space, Coinbase CEO Brian Armstrong says the backlash to Libra is misguided as the digital currency has the potential to change the world.
“Libra is one of several important crypto projects on the horizon with the potential to improve the world. Whether it works or not still remains to be seen, but I find the backlash to it a bit odd and misguided,“ Armstrong said.
Libra may be a much-needed addition to the world of money, but the hurdles before it are enormous. The SEC has been hard on the project reportedly because of Facebook’s past of questionable dealings with its users’ private information.