According to Twitter CEO Jack Dorsey, the social media giant will not be part of the Libra foundation. Dorsey replied with a resounding “Hell no” when asked about his firm’s potential membership of the Facebook-led crypto payments scheme at a New York City based Twitter event.
He explained this stance by saying that Libra is not based on an open standard. “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.”
He further argued that Libra does not have to be built around a cryptocurrency to fulfill its purpose. Dorsey may have some reservations about the Libra project, but that in no way means he is a crypto cynic. He is known for being a Bitcoin and Lightning network advocate who went on to launch a Square crypto earlier this year for open development on the Bitcoin network.
The Twitter CEO also responded to Facebook’s Mark Zuckerberg’s testimony in congress. Dorsey said
“A lot of it seemed to be based in American tradition,” Dorsey said. “I fear that if we base too much in this one concept, we take away the ability to experiment and expand.” He added
We are not just serving an American audience, we are serving a global audience … The internet is somewhat of an emerging nation-state.”
Zuckerberg’s testimony last week certainly left a lot of questions floating in the air about the Libra project. The constant grilling over his firm’s ability to block politicians who post inflammatory stuff and also its ability to deter terrorist activity came into question. This was all geared to the grand question of whether Facebook can be trusted with the Libra project given its past shortcomings. Facebook’s Libra which is scheduled for roll out next year may yet see other shocks come its way.
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