Could Libra Really Replace Current Cryptocurrencies? Buterin Doesn’t Think So

The thing that’s got the whole of the crypto world talking is Facebook’s upcoming stablecoin, Libra. There has been a lot of criticism and controversy surrounding the cryptocurrency which doesn’t seem to be fading away any time soon. 

A lot of famous faces have had their say on the digital asset including the founder and ‘face’ of Ethereum, Vitalik Buterin.

Taking to Twitter at the start of the week, Buterin retweeted a post from an account he follows called ‘Vitalik Boterin’, which uses its content directly from Buterin’s real account.

Boterin’s tweet goes:

“I think one of the benefits of cryptoassets that’s going to be hard to replace is the feeling of not being thoroughly and completely “owned” by the system.”

Buterin quotes the tweet, captioning:

“And here's his [Boterin] views on the "will Libra replace existing cryptocurrencies" hype.”

Now, a lot of people think that an overthrow isn’t possible. I mean, what could take out Bitcoin?

But Libra will have a certain level of control that will result in friction between the centralised and decentralised world of finance.

Speaking of control, two institutions have given their thoughts on the integration of Libra coin. One of these institutions is the Bank of Japan which is allegedly reporting uncertainty in that small banks fear that there is no guarantee that these finances will find their way back to small financial institutions.

Lawmakers in the United States are also calling for the postponement of the Libra coin due to regulatory worries.

The chairwoman for the committee, Maxine Waters has said:

“If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger the US and global financial stability.”

The stablecoin is set to release next year but from now until it’s launch, you can be sure that there will be a lot more controversy and opinions surfacing in regards to what could become cryptos greatest feat or cryptos downfall.