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

Stefan by Stefan
19/10/2019
in Libra News
Reading Time: 2 mins read
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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 17th, 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:

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 “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 21st century.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: cryptofacebook crypto projectfacebook's cryptocurrencyFINTECHLibralibra cryptocurrencymichael roundsus senatorus senator defends libra
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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