The IBM general manager of blockchain services, Jason Kelley, stated that blockchain is about the collaboration between projects and that he is open to collaborating with the Libra project.
IBM is dedicated to exploring blockchain solutions, is actively developing blockchain technology and is interested in the technology or offering solutions to Libra. But IBM has not actually expressed any intensions in joining the Libra Association just yet, perhaps to solve certain problems independently whilst working with other companies if ever needed.
Blockchain is a team sport. Our clients are ready to work with Facebook and we’re ready to work with all of them to bring it together.
IBM has made clear that the reason for doing so is to create more transparency around the company’s activities. Additionally, banking and management of supply chains will be easier.
Kelley later mentioned how important it is to tell the difference between cryptocurrencies and tokenization of assets, where most things can be represented on a digital ledger.
We talk about Libra and people say it’s just another crypto. Set crypto aside and talk about tokenization, because that’s what we’re talking about.
The Global Effects of Libra so far
The introduction of Facebook’s Libra to the world raised eyebrows and economic upset, which caused regulators, enforcers, and lawmakers to show distrust over Facebook’s proposition to introduce a new cryptocurrency, with various European countries on board with restricting it from the EU.
French economy and finance minister, Bruno Le Maire, said:
I want to be absolutely clear: In these conditions, we cannot authorize the development of Libra on European soil.
German economy and finance minister, Olaf Scholz, also stated:
France and Germany consider that the Libra project, as set out in Facebook’s blueprint, fails to convince that those risks will be properly addressed.
Furthermore, after Facebook revealed its plans, financial experts believe that Libra can be in direct competition with the US dollar. In fact, many fear it could actually replace the USD and serve as the predominant global currency. This ignited political and regulatory issues for Libra in the US, and governmental parties demanded the halt of the development of Libra.
On the other hand, the European Central Bank plans to introduce its own digital currency to counter Libra.
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