Another important voice rises against Facebook’s libra

Another important voice rises against Facebook’s libra

John McAfee, founder of McAfee, believes libra goes against what he preaches about privacy and freedom in transactions and does hard-hitting critics on his Twitter account

Another important voice rises against Facebook’s libra

By Editorial Staff

Recently launched by Facebook, the stablecoin libra is generating controversial opinions. While many look favorably on the new cryptocurrency, others criticize the model. This is the case of John McAfee, British computer programmer and founder of the online security firm McAfee. He believes the libra goes against what he preaches about privacy and freedom in transactions.

That’s because Facebook is widely criticized around the world for using private information from its users. Therefore, it turned out to be a natural enemy of a libertarian such as McAfee. For this reason, he considers a sacrilege that Facebook is joining in the cryptocurrency market, which has freedom as an outstanding characteristic.

The executive stated on his Twitter account. “The libra is a grotesque distortion of the original intention of the cryptocurrency, which is economic freedom. It is a malicious implementation of the digital identity – our tracking number. Facebook says that the digital identity is a prerequisite. No! The market of anonymous privacy currencies, which moves US$ 7 billion, refutes such statement.” highlighted McAfee on the social network.

With such declaration, McAfee ratifies that, by launching a currency that is not decentralized, Facebook is possibly corrupting the fundamental purpose of the cryptoassets. However, McAfee is not the first to protest against the libra. Names like Joe Kernen, anchor on CNBC, had also questioned whether the currency deserves the title “crypto”.

Controversies

Although McAfee prefers the currencies that ensure more privacy, the latter run into difficulties such as volatility. It was in this context that the libra was developed. The purpose of Facebook is exactly facing these problems.

It is known that the government will probably not accept completely a means of exchange that is totally traceable. And that is why Facebook is watching carefully and acting to ensure approvals on the regulatory issues in the future.

On the other hand, the Trump government have already sent clear signs that will toughen its stance against the libra. Besides the tweets from President Trump, the Treasury Secretary had also reaffirmed a negative view of Facebook’s cryptocurrency as well as other similar assets.