Ripple’s Brad Garlinghouse on Facebook’s Libra – “We don't need a new fiat currency"

The Chief Executive officer of Ripple, Brad Garlinghouse in his latest comments on the proposed Facebook Inc.’s Libra cryptocurrency said that the US dollar is working pretty well. Garlinghouse says that Facebook failed to do their homework and was arrogant with project Libra. According to him, the economy does not need another fiat.

“We don’t need a new fiat currency we’ve got the US dollar, the GBP, the yen…there might be some smaller markets where the Argentinian peso and that might make sense but I think that’s a longer tail. I think the way they rolled out as we saw, they had a lot of turbulence, a lot of headwinds.”

Facebook is continuing with the development of Libra despite facing regulatory hurdles from around the world. However, the social media giant said that it will not go on with the launch until all regulators are brought on board. Therefore, we expect a lot of discussions surrounding Libra’s launch and if it will see the light of day after all.