Coinbase CEO Defends Facebook's Libra Over the United States Response
<div dir="auto">Social media giant, Facebook's planned Libra is losing enthusiasm these days. Just because the lawmakers all over the world raising questions over its complete regulation and security issues. Facebook faced one more severe shock when the chief partner, PayPal declared on Oct 4, that company was getting itself out of the project.</div>
<div dir="auto">One of the Cheif Calibra's partners has announced officially to quit. Also, the firm refused to proceed further with the Facebook project. These all negativities all around overshadowed the facebook's planned Libra. The payment giant company,  PayPal declared that it would give up further participation with Libra Association.</div>
<div dir="auto">PayPal's decision could serve as an accelerator for other partners to pursue the same decision of leaving the project. This way, there could be a probability that Zuckerburg would remain alone to sail his crypto ship. This action of payment giant is quite stressful. Once the Libra's head, David Marcus hold up the management of Pay Pal so the string will be more painful. Company's spokesperson stated:</div>
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<div dir="auto"><i><b>“PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratise access to <a href="https://www.cryptoknowmics.com/crypto/ethereum-the-cryptocurrency-of-financial-market/">financial</a> services for underserved populations."</b></i></div></blockquote>
<div dir="auto">Libra is also facing resistance from the United States and Europe. As per the report, EU-settled NGOs have filed a petition against the Libra Project.</div>
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<div dir="auto">However, the CEO of Coinbase feels the U.S. negative stance over Libra is not a good vibe.</div>
<div dir="auto">Brian Armstrong, CEO of crypto exchange, Coinbase made a tweet on Oct 5. In his tweet, he said the U.S. Government should reconsider its ridiculous reaction on Facebook's digital currency.</div>
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<h3><b><a href="https://www.usa.gov/">U.S. Government</a> Should Reverse Its 'Ridiculous' Stance</b></h3>
<div dir="auto">Brian said the U.S. needs to reverse the stance if it does not want to be left behind. He has also given a reference to China's plot of launching its digital currency and further said there are many cryptocurrencies and Libra is just one of them. He tweets:</div>
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<div dir="auto"><i><b>"Now that China is looking into creating a <a href="https://www.investopedia.com/terms/s/stablecoin.asp">stablecoin</a>, I wonder if the U.S. will reconsider its ridiculous response to Libra.</b></i></div>
<div dir="auto"><i><b>There are many cryptocurrencies, and Libra is just one of them. them the way the U.S. Government reacted it's like they almost want to be left behind."</b></i></div></blockquote>
<div dir="auto">Furthermore, he called out for the various concerns and said the government is avoiding innovations and prefers its own interests: He said:</div>
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<div dir="auto"><i><b>"The way for countries to remain relevant over the long term and continue to have high <a href="https://www.cryptoknowmics.com/crypto/is-the-declining-global-economy-growth-fueling-the-stunning-rally-of-bitcoin/">economic growth</a> is to invest in science, technology, and innovation. If the government can help here, even better. But first, it needs to do no harm.”</b></i></div></blockquote>
<div dir="auto">China is moving with a smart strategy. It is promoting this innovation as well as seeking its interest too by launching Central Bank controlled Cryptocurrency, Yuan.</div>
<div dir="auto">However, Facebook is just looking into the profit just as PayPal does, so both of the companies should be more regulated. But the U.S. Government could enlighten its future in the digital world by getting involved in the crypto space.</div>

Coinbase CEO Defends Facebook's Libra Over the United States Response

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