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Mark Cuban, the billionaire "Shark Tank" co-host, expressed his concern about Libra's potential to disrupt global finance during its interview with CNBC on July 12.
Cuban has described the incursion of the Menlo Park-based social networking company as a "serious mistake" into distributed general ledger management techniques. The owner of the Dallas Mavericks specifically cited:
"A despot in an African country who really gets upset about not being able to control his currency."
The Facebook project is a global initiative, a way to expand financial services and access more than 1.7 billion unbanked people around the world.
The Libra Association writes in its white paper:
"Around the world, people with less money are paying more for financial services. Hard-earned income is eroded by fees, from remittances and wire transfer fees to overdraft fees and ATMs … When people are asked why they stay on the margins of the existing financial system, those who remain "unfunded" indicate that they do not have sufficient funds. and unpredictable costs, banks being too far away and lacking the necessary documentation. "
Cuban suggests not being a "big fan" of Libra because of the potential reactionary effects of extending financial access to underrepresented people. "This is where the real problems begin," he said.
Photo by Steve Jennings / Getty Images for TechCrunch
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