The co-founder of Ethereum and founder of blockchain company Consensys, Joseph Lubin, said <a href="https://www.cryptoknowmics.com/crypto/tencent-says-facebook-libra-poses-threats-for-digital-payment-systems/">Facebook</a> shouldn't spearhead the libra crypto project.

According to a <a href="https://www.cnbc.com/2019/11/05/facebook-shouldnt-be-driving-libra-project-ethereum-co-founder-says.html">report</a> Tuesday by CNBC, Lubin said: "I'm a big fan of projects like Libra." He added, "I don't believe that Facebook … with the concerns that we have with respect to trust and personal identity on Facebook, should be driving that project." 

Lubin, who made revealed this CNBC's "Squawk Box," noted that Facebook is the problem to libra struggle. Libra "suffers from its greatest asset" — Menlo Park, California-based social media giant itself.

Meanwhile, in late October, Facebook CEO Mark Zuckerberg said concerning the company: it "will not be part of launching the libra payments system anywhere in the world until U.S. regulators approve."

In a case where the Libra Association voted to continue without regulatory approval, Facebook "would be forced to leave" the project. The CEO added.

The report further noted that Facebook would not have unilateral control over Libra. However, Libra will be governed by its panel of backers, which of course, includes the social media giant as a member.

Lubin said:

"My only hope for them to launch Libra was to launch it in a bunch of small-and-medium sized nations and bide their time and eventually, launch it in European … and the American nation that are resistant." 
<h3>Lubin Hits on Libra-like Cryptos</h3>
He is still optimistic over the evolving of so-called "stablecoins," that is, cryptocurrencies that are backed by reserve assets. "We'll see many Libra-like projects going forward with different kinds of price-stable currencies offered." 

Announced in June, the Libra project was initially introduced alongside a list of prominent corporate backers. So far, the proposal faced severe scrutiny in the hands of governments, individuals, and regulators over illicit concerns. This also resulted in the backing out of top Investors, like PayPal, MasterCard, and more.

Facebook Shouldn't Spearhead Libra Project, Says Ethereum Co-founder

Ibiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.

Facebook Shouldn't Spearhead Libra Project, Says Ethereum Co-founder

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