Large non-profit organizations called on the founding members of the Libra Association consortium, which in the future should manage the validator nodes in the digital currency network developed by Facebook, leave the project and not be afraid of the social network, despite its market dominance.
These organizations include the Open Markets Institute, the Public Citizen, the Demand Progress Education Fund, and the Revolving Door Project.
Libra's launch partners are “walking away” from the project, OMI, @Public_Citizen , @demandprogress Education Fund, and @revolvingdoorDC . https://t.co/pNUHQPCEZh
– Open Markets (@openmarkets) July 18, 2019
Representatives of non-profit enterprises are convinced that Libra is fraught with serious risks, especially the threat to the privacy of users and the strengthening of the Facebook monopoly. This project, in their opinion, will have serious political and financial consequences.
"The goals of the project are unclear, and its development is built on fear."
They also stressed that US lawmakers are concerned about possible risks for monetary policy and banks.
“We understand that Facebook is a powerful company that has created an atmosphere of fear around itself through market dominance. But if you collectively leave the project, it will indicate that the era of digital money will be based on fair rules and prudence, rather than intimidation. ”
Libra Action Letter FINAL by BlockchainJournal on Scribd
Earlier, a two-day hearing on Libra in the US Congress was held, during which CEO Calibra David Marcus told in detail about the project. BlockchainJournal closely followed the events and gathered the main theses of the top manager in one piece.
Fear and Loathing on Capitol Hill: How Facebook survived the Libra digital currency hearing
His opinion about Libra was also drawn up by the G7 finance ministers, who discussed the project and cryptocurrency at a recent meeting near Paris.
The Libra Association consists of 28 companies and non-profit organizations, including Calibra (Facebook), Visa, Mastercard, Uber, Spotify and others.
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