Calibra Head David Marcus takes to Twitter to defend Libra project
As Libra continues to remain under the scrutiny of regulatory watchdogs, David Marcus, the Head of Calibra, tried to debunk the popular narrative that Libra could potentially threaten the sovereignty of Nations.
In an elaborate Twitter thread, Marcus stated that Libra was designed to be a better payment network and system running on top of existing currencies. According to him, Libra would deliver meaningful value to consumers all around the world. Addressing the claims regarding Libra being a threat to the monetary sovereignty, Marcus stated,
“Libra will be backed 1:1 by a basket of strong currencies. This means that for any unit of Libra to exist, there must be the equivalent value in its reserve. “
He also said that regulatory oversight was important to keep the association from deviating from its commitment and added that the blockchain firm would continue to engage with Central Banks, Regulators, and lawmakers to ensure the regulatory concerns are addressed through Libra’s design and operations. Marcus’s tweet read,
“We also believe strong regulatory oversight preventing the Libra Association from deviating from its full 1:1 backing commitment is desirable.”
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Mark Prestwood, Khareem Sudlow