Billionaire tech entrepreneur Mark Cuban has recently criticized the creation of Facebook’s Libra stablecoin by saying “I think it’s a big mistake.”
Cuban, well-known by joining “Shark Tank” as an investor and the owner of the Dallas Mavericks, expressed his concern of the impact of Libra coin globally, not just on the US market. During an interview with CNBC, he said:
“I’m not a big fan of what they’re doing there. […] I think it’s a big mistake.”
“I think globally and in countries where there isn’t a lot of rule of law, or a lot of government stability, or currency stability, then it could be dangerous,” Cuban continued.
Cuban then emphasized the possible adverse impact on African nations, saying: “There’s going to be some despot in some African country that gets really upset that they can’t control their currency anymore and that’s where the real problems start occurring.”
Cuban has joined a team of infamous leaders and bankers who publicly expressed concern of Facebook’s ventures into cryptocurrency. Recently, the President of the United States Donald Trump said Libra stablecoin “will have little standing or dependability.”
He continued, “If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations.”
Earlier, Mark Carney – the governor of the Bank of England – has reportedly claimed that the general audience needs to be more aware of the problems Facebook is trying to resolve, with its Libra project, regardless of the disadvantages.