Libra Not Threat To Fiat, Says Libra Exec

Another Facebook executive has said that the company’s Libra cryptocurrency is not intended to threaten existing fiat currencies.

Speaking at an event in Geneva on Friday, Bertrand Perez, a managing director at the Libra Association, said “that Facebook is ‘not in the area of implementing any monetary policy with the (Libra) Reserve’.”

Perez was discussing digital assets at the United Nations headquarters, with senior members of the global body, along with executives from the International Monetary Fund, in attendance.

After months of speculation, Facebook finally unveiled their cryptocurrency project known as “Libra” on June 18, 2019.

The detailed release and access to the Libra whitepaper gave the public its first solid look at the multi-faceted project aimed at giving access to financial services for those who are deprived of access to banking.

Earlier this month, Libra co-creator David Marcus issued a series of tweets saying that the digital asset is not a threat to countries’ sovereignty.

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