Mark Cuban, billionaire “Shark Tank” co-host, raised concerns about Libra’s potential to disrupt global finance when speaking to CNBC on July 12.
Cuban referred to the Menlo Park-based social networking company’s foray into distributed ledger tech as a “big mistake.” He continued to discuss the danger of introducing a destabilizing force into already unstable economies or political situations around the world. The Dallas Mavericks owner cited specifically:
Facebook’s project is intended to be a global initiative, a means to extend financial services and access to the more than 1.7 billion unbanked people around the world.
Cuban suggests he is “not a big fan” of Libra because of the potential, reactionary impacts of extending financial access to the underrepresented. “That’s where the real problems start occurring,” he said.
Photo by Steve Jennings/Getty Images for TechCrunch
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.