- David Rutter has just taken a pretty big dig at the way Facebook announced Libra.
- Rutter went onto say that Facebook’s goal to get involved in the financial world is just a “really naïve” move.
David Rutter, the CEO of enterprise software firm R3, has just taken a pretty big dig at the way Facebook announced its upcoming Libra stablecoin.
Concerns surrounding Facebook’s Libra stablecoin continues to grow such as the CEO of R3, who recently said that the announcement of Libra this summer was “ridiculously stupid.”
As per CoinTelegraph
“Rutter delivered comments during a recent company conference in London, admitting that Facebook’s plans to issue their own cryptocurrency made policy makers and financial regulators have sped up the process of examination of blockchain and cryptocurrency applications.”
However, Rutter went onto say that Facebook’s goal to get involved in the financial world is just a “really naïve” move.
“I think what they did was ridiculously stupid. The way they rolled it out… Yeah, you know it was just so... It was just so in your face. There’s a lack of understanding.” He added, “when we saw [Facebook] talking about doing a basket of currencies with weighting, in reality when we want to translate that back to real-world currencies it’s not simple.[...] It’s really naïve.”
As previously reported by CryptoDaily, The CEO of payment processor PayPal, Dan Schulman stopped by Fortune for an interview where he discussed several topics, including the reason behind PayPal’s shift away from the Libra Association.
“When David Marcus came to talk to us about Libra initially, he framed it in ways that were appealing to us about financial inclusion. We’re always exploring the next generation of technologies — like blockchain infrastructure to do things more efficiently. And you know, we’d like to learn more about it. All of us were interested in learning more. As we learned more about [Libra] and saw the amount of things that were still left to do and the amount of things we still had to do on our own roadmap outside of Libra, we said, ‘You know, we think if we focus on our own roadmap, we’d be able to advance financial inclusion faster than if we put all these resources against Libra.’”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!