Twitter will not be joining the Libra Association. Jack Dorsey, the CEO of Twitter, replied with a conclusive “Hell no” on the question of his firm’s potential membership of the Facebook-led crypto payments scheme at a New York City-based Twitter event.
As The Verge reported on October 24 (Thursday), Dorsey explained that Libra is not based on an open standard, “born on the internet.”
He added:
“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.” Jack Dorsey
Dorsey further argued that Libra did not have to be built around a cryptocurrency to fulfill its purpose.
At the same time, he was broadly enthusiastic about more decentralized cryptocurrencies, seeing them as part of an emergent international online community.
He told the crowd:
“I think the internet is somewhat of an emerging nation-state in almost every way. It almost has currency now in the form of cryptocurrency and bitcoin.” Jack Dorsey
Earlier this year, Dorsey launched Square Crypto, for opening development on the bitcoin network.
Likewise, in August, Square Crypto hired Matt Corallo, a Bitcoin Developer, followed by three other dev hires in September from Facebook, Lightning Labs, and Google.
<img src="https://www.cryptonewspoint.com/wp-content/uploads/2019/10/images-26.jpg" alt="" class="wp-image-4058 lazyload" width="517" height="344"/>
Mark Zuckerberg
So, according to tweets from Alex Weprin, the Hollywood Reporter Journalist, Dorsey also responded to Mark Zuckerberg’s testimony before the U.S. House Financial Service Committee on October 23 (Wednesday), at the New York event.
Would Twitter join the Libra project? "Hell no," Jack Dorsey says. "Nothing within Libra had to be a cryptocurrency to do what they wanted to do." — Alex Weprin (@alexweprin) October 24, 2019
Dorsey said:
“A lot of it seemed to be based on American tradition. I fear that if we base too much in this one concept, we take away the ability to experiment and expand.” Jack Dorsey
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.” Jack Dorsey
In his hearing, Zuckerberg notably said that Facebook would be compelled to leave the Libra Association if the project went LIVE before meeting regulatory requirements.
So, according to a Libra representative, the Libra Association is still seeking some 80 additional members before the expected mid-to-late 2020 launch.
Source: theverge.com | coindesk.com