<a href="https://usethebitcoin.com/jack-dorsey-claims-twitter-would-not-join-the-libra-association/">At a Twitter media event on 24th October, Chief Executive Officer Jack Dorsey</a> responded as “Hell No!” when asked for joining with Libra. Dorsey clearly stated that Twitter will never associate itself with Libra. Dorsey also explained Facebook did not need a cryptocurrency initiative to do what it wanted to achieve. Facebook aimed to democratize the financial system which according to him “I don’t know if it’s a gimmick” but “a cryptocurrency wasn’t necessary to make that work”

He also stated:
“It’s not an internet open standard that was born on the internet,” Dorsey said. “It was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want our company to stand for.” But he also said that he is looking for more decentralized cryptocurrencies in the market.

Current situation of Libra Project
Facebook’s Libra is to be backed by a basket of currencies like USD, Singapore Dollar, British Pound, etc.. Facebook also claimed Libra to be the digital coin that can lower the cross border money transfer cost. The project was launched in June but for the past few weeks, it’s facing a lot of criticism around the world. Regulators across the globe are questioning its security issues. With that few big giants like Visa, Paypal, and Mastercard withdrawn their association with Libra.

Dorsey added, Mark Zuckerberg’s speech last week seemed to be based on American tradition which will not allow Facebook to expand with different solutions. He also talked about how he uses Twitter and how the Screen Time feature on his iPhone allowed him to limit his use of the social network to two hours per day. Moreover, Twitter is now trying to hire a game theorist and a behavioral economist to try and understand how people use the services offered.

Currently, most of Libra’s remaining members are venture capitalists. But the larger associations which are still with Libra are Vodafone, Uber, Spotify. After Zuckerberg testified before the US lawmakers a few days back, he also said Libra will not launch if the US regulators don’t approve. He said many investors backed this project as it is a risky project.

Support towards Bitcoin
However, <a href="https://www.cryptoknowmics.com/crypto/twitter-ceo-jack-dorsey-believes-bitcoin-will-be-the-currency-of-the-internet/">Jack Dorsey who is also the CEO</a> of Square – which already contributed to the Bitcoin ecosystem. Last year he talked about Bitcoin to eventually become the single global digital currency. Over Bitcoin, he stated, “I think the internet is somewhat of an emerging nation-state in almost every way. […] It almost has currency now in the form of cryptocurrency and Bitcoin.”

"Hell No!" on joining hands with Facebook's Libra  - Said Jack Dorsey - CEO, Twitter

Debarati is a finance MBA who is a keen observer of the current crypto currency market. She likes to read and write about the game changer and industry transforming news of the market.

"Hell No!" on joining hands with Facebook's Libra - Said Jack Dorsey - CEO, Twitter

Top Picks