The Finance Minister Nirmala Sitharaman has said that India – just like many other countries – is right now showing a high degree of caution when it comes to the Facebook stalbecoin Libra. The Indian minister showed his scrutiny by the public and also spoke more about the Libra project.
During the 2019 Annual Meetings of the International Monetary Fund and the World Bank in Washington, DC – which included a discussion of the Libra project – the Indian minister Sitharaman told reporters from the New Indian Express the following:
“On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this […]. Countries will have to show extreme caution much before anything is said or moved on this.”
Sitharaman also noted that representatives of other nations had argued against the use of the term “stable currency” or “stablecoin” but instead emphasized the token and its links to cryptocurrency.
As we previously reported in our Libra latest news, the stablecoin has been designated by Facebook as a type of digital asset that is designed to mitigate price volatility. As such, it was initially proposed to be backed by a basket of national fiat currencies such as the US dollar, Euro, Japanese yen, British pound and Singapore dollar.
The Indian minister also said that while presentations at the annual meetings had conceded the prospective strengths of such virtual currencies, “everyone without fail spoke about the challenges together with talking about it as a necessary step forward. So everyone was stepping cautiously on it.”
Circumspection in regards to Libra has indeed been reverberating among the citizens, cryptocurrency industry figures, governments, regulators as well as central bankers worldwide. Besides the Indian minister, China was also in the cryptocurrency news for ratcheting up its existing plans for a central bank digital currency in a bid to protect against the perceived threat to its monetary sovereignty and legal currency status.
As the news then showed, the former governor of the People’s Bank of China argued that “people valuing Libra is inseparable from the global dollarization trend.”
Galaxy Digital Blames Libra For $68 Million Loss In Q3
“Whether one points to Trading’s OTC market share gains and entry into the structured and derivative product markets, Asset Management’s launch of the new bitcoin funds, Advisory Services’ successful work on two IPOs on the NYSE and Nasdaq, or our Venture and Principal Investment teams’ continued and acute focus on portfolio management and positioning, the second half of 2019 has seen the company leverage our relationships and insights to improve our standing in the digital assets, cryptocurrency and blockchain technology industry.”Galaxy trashed Facebook's crypto project Libra suggesting that the stablecoin’s influence on the market sentiment damaged the entire investment ecosystem and even reduced the market activity. Mike Novogratz believes that this could be attributed to several factors including a geopolitical and regulatory uncertainty stemming from Libra as it was reported for months before.
US Lawmakers Want To Classify Stablecoins As Securities Including Libra
“Managed stablecoins, such as the proposed Libra, are clearly securities under existing law. This legislation simply clarifies the statute to remove any ambiguity.”The co-sponsor of the bill, Rep. Gooden, also explained the sentiment that the Congress will take the lead in shaping the legal landscape for all cryptos and the digital space overall. According to Gooden:
“It’s the responsibility of Congress to clarify the regulatory framework that will apply to stablecoins, especially now that mainstream institutions are offering them to consumers.”The Libra association commented on the proposed bill and Dante Disparte, the head of policy and communications noted:
“We maintain that responsible financial services innovation and regulatory oversight are not in contest. The Libra payment system is designed from the ground up to serve as a payment infrastructure that can empower billions of people left on the margins of today’s networks. The Libra Coin is simply a proxy for an instantaneous payment system that is low friction and high trust.”
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Libra Crumbles As Facebook Launches Its Alternative Payments Platform
“Facebook Pay is built on existing financial infrastructure and partnerships, and is separate from the Calibra wallet which will run on the Libra network,” the social media giant noted.Jake Chervinsky who is known as the General Consul at Compound Finance also had his say:
“Facebook Pay sounds an awful lot like an admission that Libra is dead in the water.”All of this confirms that Libra crumbles and Facebook is trying to get in the mind of its potential customers with new innovations. As the billionaire Zuckerberg and head of the company said, Libra is not the threat - China's proposed crypto yuan may do a lot more damage to global finances and dollar domination.
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