BlackRock’s Larry Fink Doesn’t Think Libra Is A Cryptocurrency
The BlackRock CEO is reportedly having a hard time buying into the hype that has been centered around Facebook’s recently announced cryptocurrency -Libra.
For those of you who are unfamiliar with BlackRock, it is high time you do a bit of research on the New York-based investment management company, which was originally founded in 1988 as a risk management and fixed institutional assets manager. Now, responsible for the management of over $6.5 trillion, BlackRock is the largest exchange-traded fund (EFT) provider in the entire world.
Nonetheless, in a recent interview conducted by the individuals at CNBC’s Squawk Box, Founder and CEO -Lary Fink- maintained that he does not consider the Libra coin to be an actual cryptocurrency. The Interview that took place on July 19th, 2019 gave the BlackRock executive time to highlight the high pricing of cross-border transactions, while placing an important emphasis on decreasing interchange fees through the democratization of foreign currency exchange for all cross-border transactions, as well.
Fink, however, does not believe that we need the Libra to serve those purposes, but instead, insisting that what we need in order to catalyze that movement, would be innovative and enhanced technology, stating:
“I actually believe that the idea about Libra — I don’t think we need to create a new currency, but the technology to instantaneously calibrate all the currencies. That should be done.”
Moving forward, he continued to detail his reasoning behind the beliefs that he holds, contending that it was possible to minimize transaction costs by uniting the appropriate technological mechanisms throughout each individual transaction, saying:
“You don’t need a Libra. You have computers that can monetize and calibrate euro to dollar instantaneously for a couple of basis points.”
The report isn’t anything new at this point, as the EFT has long been skeptical of the Bitcoin marketplace. However, there might be movement on the horizon because, although BlackRock has been investigating the intricacies of the blockchain for a long while, reports are stating that they are now planning on the development of an evaluatory group that will assess the potential involvement with Bitcoin (BTC), as well as Bitcoin Futures.
Only time will tell, but where there is an idea, there is bout to be innovation, and where there is innovation, there are bound to be naysayers.
Rose Marie
Published at Sat, 20 Jul 2019 08:58:36 +0000
Bitcoin Pic Of The Moment
Bitcoin coins photo.
Physical BTC statistic coin Antana.
By antanacoins on 2013-09-15 18:56:09
