Mark Cuban, billionaire "Shark Tank" co-host, raised concerns about Libra's potential to disrupt global finance when he spoke to CNBC on July 12.
Cuban referred to the Menlo Park-based social networking company's priority in 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. The Dallas Mavericks owner cited in particular:
"Some despot in some African countries being very upset that they can no longer control their currency."
Facebook's project is meant to be a global initiative, a means to extend financial services and access to the more than 1
Libra Association writes in their white paper:
"Worldwide, people pay less money for financial services. Acquired income is eroded by fees, from transfers and overheads to overdraft and ATM fees … When people Asked why they remain on the edge of the existing financial system, those who remain "unbanked" point out that they do not have sufficient funds, high and unpredictable fees, banks are too far away and lack the necessary documentation. "
Cuban suggests that he is "not a big fan" of Libra because of the potential reactionary consequences of expanding economic access to under-represented. "That's where the real issues begin to occur," he said.
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