David Marcus, the head of Facebook’s beleaguered Libra project, was forced back into the gladiatorial arena once more on Monday to defend the planned cryptocurrency in the wake of a fresh wave of criticism from governments around Europe. In a tweet thread that aimed to dispel some of what he called “talk” regarding Libra’s threat to sovereign currencies, Marcus described how Libra was intended to work in tandem with existing currencies rather than aiming to replace them and reinforcing that Facebook itself will be divorced from the operating of the currency.
1/ About monetary sovereignty of Nations vs. Libra:
— David Marcus (@davidmarcus) September 16, 2019
Marcus Keen to “Debunk” Falsehoods
Marcus seemingly felt compelled to comment following criticism by the finance ministers of both France and Germany, in particular Bruno Le Maire of France, who recently stated that European nations “cannot authorize the development of Libra on European soil.” Marcus was keen to “debunk” the notion that Libra threatened sovereign currencies, stating in the thread that “Libra is designed to be a better payment network and system running on top of existing currencies” and that there will be “no new money creation” involved in the enterprise. He also stated that Facebook, and presumably others that make up the Libra Association, “continue to engage with Central Banks, Regulators, and lawmakers” to ensure that the projects falls within regulatory boundaries.
Marcus Facing Uphill Battle
Given the overwhelmingly negative response that the Libra project has received, it is clear that with so many governments, media outlets, and banks lining up to fling arrows at Facebook over their ambitions, the facts are almost irrelevant – Marcus can take to Twitter and correct inaccuracies all he wants, but with the views of those who matter seemingly already entrenched, he can’t hope to change the views of the masses with a corrective Twitter thread – he’s going to need something much, much bigger. Marcus signs off by stating that he is “…looking forward to the Libra Association taking on full leadership of the project soon after its charter has been ratified so I can focus on building @calibra.” If that isn’t the words of someone counting down the days until he can wash his hands of a project then it sounds exactly like it.