Twitter won’t join the Libra Association, as indicated by CEO Jack Dorsey.
Dorsey answered with a convincing “Hell no” on the question of his company’s potential participation of the Facebook-driven cryptocurrency payments scheme at a New York City-based Twitter event.
As The Verge revealed on October 24, he clarified that Libra did not depend on an open standard, “born on the internet,” and accordingly:
“It was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want our company to stand for.”
Dorsey further contended that Libra didn’t need to be built around a digital currency to fulfill its goal.
A prominent bitcoin and lightning system advocate, Dorsey established Square Crypto recently for open development on the bitcoin network. In August, Square Crypto contracted bitcoin developer Matt Corallo and three other developer hires in September from Facebook, Lightning Labs, and Google.
At the New York event, Dorsey additionally reacted to Facebook CEO Mark Zuckerberg’s testimony before the U.S. House Financial Service Committee on October 23, as indicated by tweets from The Hollywood Reporter columnist Alex Weprin.
“A lot of it seemed to be based in American tradition,” Dorsey stated “I fear that if we base too much in this one concept, we take away the ability to experiment and expand.”
Dorsey further said:
“We are not just serving an American audience, we are serving a global audience … The internet is somewhat of an emerging nation-state.”
In his hearing, Zuckerberg outstandingly said Facebook would be constrained to leave the Libra Association if the task went live before meeting administrative requirements. The Libra Association is still looking for about 80 extra members before the normal mid-to-late 2020 launch, as indicated by a Libra representative.