Mark Cuban, billionaire "Shark Tank" co-host, raised concerns about Libra's potential to disrupt global finance when speaking to CNBC on July 12.
Cuban referred to the Menlo Park-based social networking company's foray into distributed ledger tech as a "Big mistake." He continued to discuss the danger of introducing a destabilizing force into already unstable economies or political situations around the world.
"Some despot in some African country that gets really upset that they can't control their currency anymore."
Facebook's project is intended to be a global initiative, a means to extend financial services and access to the more than 1.7 billion unbanked people around the world.
"All over the world, people with less money pay more for financial services. Hard-earned income is eroded by fees, from remittances and wire costs to overdraft and ATM charges When people are asked why they remain on the fringe of the existing financial system, those who remain"unbanked" point to not having sufficient funds, high and unpredictable fees, banks being too far away, and lacking the necessary documentation.
Cuban suggests he is "Not a big fan" of Libra because of the potential, reactionary impacts of extending financial access to the underrepresented.
"That's where the real problems start occurring," he said.
Mark Cuban 'Not a Big Fan' of Facebook's Libra
Published on Jul 12, 2019
by Coindesk | Published on Coinage
Investment App Abra Expands US Offerings With 60 New Cryptos
Abra is expanding its U.S. offerings, adding support for 60 new cryptocurrencies and doubling users' bank deposit limits.
AlphaPoint's White Label Tech Now Lets Crypto Exchanges Offer Margin Trading
Crypto software firm AlphaPoint is bringing margin trading to its client exchanges.
Web3 Studying How to Integrate Kadena's Smart Contract Language on Polkadot
The Web3 Foundation is studying how to adopt blockchain startup Kadena's Pact smart contract programming language for the Polkadot ecosystem.
With Code of Conduct, Trade Group ADAM Seeks Legitimacy for Crypto
One year after its formation, the Association of Digital Asset Markets has drafted a code of conduct for the cryptocurrency market.