The popular microblogging site, Twitter through its CEO has made it clear they could never dream of joining Facebook’s Libra project. Speaking to a Twitter media event, Jack Dorsey responded with an absolute “hell no” when asked if he would consider joining ng Facebook in its new venture.
It is interesting, however, to know that the inquiry comes from somewhere since Dorsey founded a well-known payment company, Square. Additionally, he has also openly expressed his interest in the crypto world. But all that didn’t stop him from airing out his doubt in Facebook’s intention with the upcoming cryptocurrency.
I don’t know if it’s a gimmick…but a cryptocurrency wasn’t necessary to make that work,” he said in allusion to Facebook‘s purported plans to democratize the financial system.
“It’s not an internet open standard that was born on the internet,” Dorsey said. “It was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want our company to stand for.”
He, however, went on to show his enthusiasm for decentralised digital currencies like bitcoin, explaining how he envisioned them as an integral component of the online world.
The CEO’s explanation of the Libra project comes just in time after the Zuckerberg faced a hot seat in the US congressional hearing. The appearance drew a lot of criticism after the tech billionaire failed to answer some of the lawmakers’ specific questions about the proliferation of fake news on the platform and potential political interference.
But with all the regulatory scrutiny, Facebook still maintains that it’s seeking to work with regulators.