Coinbase U.K CEO: “industry needs centralized institutions”

Coinbase’s UK CEO claims that industry needs centralized organizations like central banks and Facebook to support the cryptocurrency ecosystem.

In an interview
CNBC Zeeshan Feroz said he sees two ways to ubiquitously distribute cryptocurrencies: the issuance of digital currencies by central banks and the Libra project from Facebook.

According to Feroz, government cryptocurrencies such as the digital dollar or the digital British pound can “stimulate the spread of cryptocurrencies in a way that is not available to technicians from Silicon Valley.” Another way to mass distribution of cryptocurrencies, in his opinion, is to launch Libra, which will have “billions of users”:

“Libra as a currency could potentially be a form of payment that is truly universal in nature. It will not be easy, here it is about challenging the status quo. We are at the first stage of a thousand-year journey. ”

Coinbase is one of the companies included
at the Libra Association, which is under the scrutiny of lawmakers around the world and recently lost
seven influential members including Visa, eBay and Mastercard.

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Feroz claims that at the end of Libra’s rollout, the industry could help create “a more open financial system where people can send funds around the world as easily as email.”

It is noteworthy that when Feroza was asked whether the Libra project replaces state control with a corporate centralized alternative, he distanced himself from the “purists” who see centralization as an anathema for the “true cryptocurrency”:

“In order to move from the world in which we are today, to this utopia, perhaps we need centralized organizations that will become a springboard to achieve this goal. You cannot buy cryptocurrency if there is no centralized business that could maintain relations with banks. ”