“We Do Not Need Libra, but Technology”

The CEO of BlackRock, the largest provider of exchange-traded funds, believes that the Libra project, being developed by Facebook, is not fully cryptocurrency.

In an interview with CNBC, Larry Fink (Larry Fink) expressed the view that there is a need in the world to democratize the exchange of foreign currencies in international transactions and reduce the fees for such operations.

He noted that significant fees for international transfers are forcing people to use cryptocurrencies. However, according to Fink, it is not necessary to create a new cryptocurrency in order to make international transfers more accessible – it is enough to improve existing technologies.

“I believe that the idea of Libra is not in creating a new currency, but in a technology that will compare different currencies every second. And this must be done. You do not need the Libra project – you already have computers that can match the dollar and the euro, ”Fink said.

He also stressed that there is no need to create an international currency – all that is needed is to optimize existing technologies so that international transfers take place in seconds and the fees for such transactions are low.

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Earlier, the Big Seven working group warned that Libra and other corporate cryptocurrencies pose a threat to global financial stability.