Libra is Not Bitcoin, CoinShares Exec Testifies Before US Congress
Facebook cryptocurrency Libra is an imitator of Bitcoin, of CoinShares testified before the US Congress on Wednesday.
The chief strategy officer appeared before the House Financial Services Committee to explain the difference between Bitcoin and thousands of cryptocurrency projects that takes inspirations from it. Putting Libra in the same bag of imitators, Demirors attempted to decouple bitcoin from it, focusing on how the cryptocurrency is entirely different than Facebook’s version of global payment service.
“We are seeing a wave of interest in cryptocurrencies and countless imitators which borrow some features but– decidedly – are not cryptocurrencies,” she said in her address. “Libra is not a cryptocurrency.”
Demirors touched upon the various factors that separate Bitcoin from Libra, such as decentralization. The fact that no single entity or person could block or censor transactions on the bitcoin network undermined Libra, which is an entity controlled by a group of companies with the ability to practice censorship.
The CoinShares executive also stressed on the underlying value of Libra and Bitcoin.