In the middle of all the dilemmas that Facebook is currently facing regarding its forthcoming digital currency, the head of the Libra project David Marcus took some time to speak to CNBC on the financial framework currently available, as well as Libra itself.
Marcus was asked about the founding members who have left including Visa, MasterCard, and Stripe, as well as the circumstances surrounding their exit due to their fear of regulatory scrutiny from relevant authorities.
The Libra head then expressed a bit of disappointment at all the issues the project is facing because while it’s already in motion, “it’s an idea. It’s a whitepaper. Nothing is operating yet.” He then added that the current financial system is a little too expensive suggesting that the solution Libra offers should be embraced and not derided.
“It’s kind of sad in a way to see all of the issues we currently have with the current [financial] system…and the fact that … some people are not even open to the idea of exploring how to improve [the current system] for their very constituents is kind of odd to me.”
Marcus also spoke about the financial technology status quo. He admitted that there is commendable improvement when it comes to fintech innovation but there is still a lot more to be done. To Marcus, the fundamentals have yet to improve.
“There has been a lot of fintech innovation at the edges but the core of the network that moves money around… hasn’t changed in fifty years.”
Surprisingly, Marcus also admits that Facebook may have something to do with all of the problems Libra currently faces and gets the origins of the criticisms. He admits that the team needs to prove that they can be fully trusted, but also pointed out that Libra is separate from Facebook and will run without that much influence.
“No one needs to trust Facebook to use Libra and to on-board into this platform.”
At the moment, there are 21 confirmed members of the Libra Association after about 7 announced their exit.
Regardless, the Libra team has said that there are at least 1,500 companies that have officially indicated their interest in joining the organization. Of this number, about 180 fully meet the qualifications required, making the team sure that it will reach the intended 100-Member goal before it launches next year.