Libra As a Topic of Discussion At the Barcelona Conference

1 min reading

On 10 and 11 July a conference, with the participation of leading representatives of the cryptocurrency industry is held in Barcelona. Stablecoins and Libra are the most popular topics.

The idea of the conference

The initiators of the Barcelona conference highlighted the fact how much cryptocurrencies changed financial systems around the world. We are forced to adapt to more and more advanced technologies and solutions. The conference's goal is to promote the introduction of cryptocurrencies in individual countries. All participants will benefit from having discussions with the most eminent people in the industry, who have agreed to take part in the conference. Miko Matsumura (a co-founder of Evercoin), Ido Sadeh Man (the head of the Saga Foundation) and Nimrod Lehavi (the president of Simplex) are among people who have confirmed their participation.

Main topics of the discussion

Panellists discussed, among others, the definition and consequences of the Stablecoins' functioning. Given the situation, the topic was quickly connected to Libra, Facebook's cryptocurrency. Sadeh Man made the point quite firmly:
Stablecoins are not currencies and they also have no monetary substance. They give up all functions at the expense of stabilization. Lbra is not a stablecoin even though Facebook would like us to think it is. With the current mechanisms, I am afraid that Libra and its existing management will lead to unification and not fragmentation.
Moreover, Matsumura presented his own assessment of Libra, pointing to a vague relationship between the Libra itself and the authorities at the central level.
The US administration can simply arrest the bosses of Libra - they will not do the same the other way around.