Blockchain enthusiasts are also questioning whether Libra truly hews to the spirit of decentralized technology represented by crypto currencies worldwide. Facebook’s plan to comply with common regulatory requirements mandated by central banks like information about the user and usage of government backed securities, is in order to drive initial adoption of the cryptocurrency and the wallet according to Ramani Ramachandran, cofounder and CEO of ZPX, a Singapore-based blockchain startup.
“This is the opposite of true crypto. It is completely KYC-driven, regulated by local laws and influenced by anyone who wants to pay up to $10 million and be a validator node,” he said.
Nice quote from Ram of ZPX.