US Senator Defends Libra Saying The Country Is Behind In Crypto and Fintech

US Senator defends Facebook’s crypto project Libra since the cryptocurrency has flown under the radar of the governments. In the Libra Coin news today, we see that nearly for a decade the majority of the politicians in the western world have chosen not to talk about the subject matter regarding cryptocurrencies.

This changed a lot when Libra was launched and Facebook’s crypto and blockchain project that has never missed a headline of every single large publication on the planet since its launch.

But this changed with the launch of Libra, Facebook’s crypto and blockchain project that has no graced the headline of nearly every single large publication on planet Earth. Some of the most powerful people in the world and here including US President Donald Trump have not commented on Libra. The sentiment that was held by these prominent commentators has been widely bearish. Trump, for example, trashed bitcoin and said that the cryptocurrency is widely used in criminal activities before adding that Libra is not a real form of money in the US. However, not all of the politicians are bearish. In fact, one US Senator defends Libra.

In a letter from October 17^th, Senator Michael Rounds from south Dakota defended Libra. He sent the letter to Nathan McCauley which is the President of Libra partner Anchorage Trust company and stated his support of the project and even explained how disappointed he is in his colleagues not approving the innovation. Rounds explained that he sees promise in cryptocurrencies and digital payments but has seen the United States fall behind in this area. He wrote:

 “By 2022, digital wallets […] will comprise less than 10% of the U.S. consumer in-person payments.’’

While this is not something to worry about, Rounds asserted that with the payments industry still in infancy relative to the rest of the world, he is confused about how his colleagues reacted with such hostility to the creation of Libra. He did admit that he is concerned that cryptocurrencies can be used to do crimes but he remarked that Libra should continue to preserve and improve the lives of many Americans and the neighboring countries as well. This will be done by creating a cryptosystem that will allow the unbanked to be more integrated in the 21^st century.