Hongjin Fang: There Are Two Reasons Why Libra Cannot be Implemented

ChainDD
ChainDD

Dec 31

摘要: Hongjin Fang, the founder of (Hong Kong) Digital Power Co., Ltd and the co-chairman of Hong Kong Blockchain Association, said that Libra can not be implemented at all unless it becomes a USD stablecoin.

Hongjin Fang: There Are Two Reasons Why Libra Cannot be Implemented
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The fifth Blockchain Dialogue host by ChainDD is: In reality, is it possible to issue digital fiat currency based on public blockchain? When it comes to Libra, Hongjin Fang, the founder of (Hong Kong) Digital Power Co., Ltd and the co-chairman of Hong Kong Blockchain Association, said that Libra can not be implemented at all unless it becomes a USD stablecoin.

There are two main reasons for this:

Firstly, Libra violates the monetary sovereignty of many countries, including the Federal Reserve because the Federal Reserve is the real owner of USD.

Secondly, the reason is likely to be Facebook itself. In western society, personal privacy is very significant. However, Facebook is notorious for violating the privacy rights of citizens. On the basis of privacy, the EU will not approve Libra.

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