German Central Bank Chief Snubs Bitcoin Skeptic Trump, Supports Libra
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German Central Bank Chief Snubs Bitcoin Skeptic Trump, Supports Libra

July 19, 2019      Cryptoknowmics

German Central Bank Chief Snubs Bitcoin Skeptic Trump, Supports Libra

According to Mati Greenspan, Libra has garnered some support at long last, and from an unlikely figure no less. Citing a recent article, which he translated via Google, the eToro analyst noted that the President of the Bundesbank, the central bank of Germany, lauded the Facebook-backed crypto project.

In fact, per the rough English translation of his comment, Jens Weidmann isn’t clear why Libra has drawn flak from some of the biggest names in politics and finance.

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Weidmann even stated that should Libra be released in the state that was outlined in the white paper, the end result cryptocurrency may be “attractive to consumers”. He adds that it may be unwise to suppress innovation before true issues have arisen, likely referring to the fact that many regulators and lawmakers are only experiencing knee-jerk reactions.

What’s crazy about all this is that the central banker made this comment in front of the G7, who is reported to be focusing on the issue of Libra and the resurgence in the cryptocurrency market.

Libra is Like 9/11?

Weidmann’s surprise support for the cryptocurrency — which has been backed by Visa, Spotify, Uber, PayPal, Booking Holdings, and other large names in finance, technology, and investing — comes as most American politicians have come out against the venture.

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Most recently, Brad Sherman, a Californian Representative, notably likened Libra, which he hilariously called “Zuck Bucks” during a Congressional hearing, to 9/11, claiming that these two things are on the same playing field in terms of being destructive innovations.

And most notably, the U.S. President has come out to bash Libra. Per previous reports from NewsBTC, the American leader claimed that the Facebook venture is likely to have “little standing or dependability” if it ends up launching.

Not All Bad

There have some that have taken Libra neutrally, interestingly enough. Speaking to analysts in a conference call, Jamie Dimon of JP Morgan revealed that he does not feel threatened by Libra at all.

He specifically looks to the fact that blockchain has been a technological trend for “seven years” and that “very little has happened”, presumably proposing that Libra will be more of a marketing ploy than a viable technology.

“We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it”, Dimon added.

Featured Image from Shutterstock

 

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Author: Nick Chong

#Altcoin #Crypto News #Cryptocurrency #Cryptocurrency News #Facebook #Libra
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