September 30, 2020

Twitter and Square will not participate in the Libra project from Facebook

Twitter and Square will not participate in the Libra project from Facebook

CEO of Twitter and Square, Jack Dorsey, said that his businesses do not plan participate in the implementation of the cryptocurrency project Libra from the social network Facebook.

October 17 Facebook CEO Mark Zuckerbergsaid during a speech at Georgetown University that technology platforms should play an important role in the development of a democratic society, promoting freedom of speech and lack of censorship. Zuckerberg also criticized the policies of the Chinese authorities aimed at restricting the rights and freedoms of citizens. In response to this statement, Dorsey said the following:

I'm afraid that our opportunity will disappearto experiment and expand our business if we are guided by this concept. We work not only in the American market, so residents of different countries use our service.

In September of this year, Dorsey emphasized thatTwitter is not going to follow the example of Facebook and will not release its own cryptocurrency. In his opinion, existing digital assets based on public blockchains outperform virtual currencies issued by commercial enterprises and under their control. He noted that Bitcoin (BTC) has the highest potential among all virtual currencies due to its viability. The coin has been on the market for 10 years, the BTC brand has gained popularity among traders and investors, and the network has been tested many times. That is why Jack suggests that Bitcoin has the best chance of becoming the Internet currency.