Libra co-founder: not to compete with legal tender, but to supplement existing currencies

Christian Catalini, co-founder of Libra and chief economist at Calibra, said in a recent interview that remittances can cost as much as 30 percent globally. Libra solves this problem and serves people who do not have bank accounts and do not owe money at a low price. Although some countries see Libra as a threat, Catalini clarified that Libra was not created to compete with fiat currencies such as the dollar or euro, but to supplement existing currencies. Libra, he says, is focused on enabling new functions in central bank-issued currency. He added: "Libra was created as a payment network to transfer value, not to compete with the central bank or other monetary policy. Monetary policy is the responsibility of the central bank and Libra has no intention of interfering in these matters. The assets behind Libra are generated, maintained and controlled by the central bank."

Source:https://eng.ambcrypto.com/libra-not-developed-to-compete-with-u-s-dollar-euro-calibras-catalini/

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