The new Libra currency announced by Facebook is facing a number of laws and regulations that tighten the screws on it even before it is issued in 2020. The largest countries in the world such as: France, Germany, China and even the United States of America acted against it.

However, David Marcus, coin director of Facebook’s digital currency project, thinks they are wrong.

Marcus, the former CEO of PayPal, believes that the Facebook digital currency project will not harm the economic interests of countries whose governments oppose the currency.

He justified a defender of the currency and allayed fears raised by governments in all parts of the world that the digital Libra currency would not negatively affect the sovereign securities of countries.

Read:Fed Chairman: The digital dollar is waiting for the opinion of US lawmakers first

It seems that the Libra currency has caused a lot of concern due to its announced plans to create a cryptocurrency that works on the blockchain and is expected to be officially available in late 2020, which will confront and replace the traditional currencies that already exist.

While Marcus defended that the new currency they are working on will complement and support the traditional currencies, as their value is based on the value of these currencies.

Marcus added that creating new funds is only allowed for sovereign states.

Accordingly, the Libra project works in coordination with governments everywhere to ensure the launch of the currency in a regulatory environment that allows its use.

Eric Wall, a member of the Technical Committee at the Human Rights Foundation, responded on Twitter:

Not having new money doesn’t mean you can’t threaten monetary sovereignty

Where the residents of the region and the country can refer to the Facebook currency instead of their main currency.

Others argue that Marcus did not succeed in convincing and addressing all concerns

And he touched on one point of the problem when there are many, if not hundreds, of problems in which Libra faces sovereign currencies.

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It is possible that Marcos’ defense came against the background of recent statements made by some French and German financial officials about the Libra currency and that they would not allow it to move forward in Europe.

The Libra currency faces a major gap in the laws, according to an official from the European Banking Authority

It can also be said that Facebook has not yet recovered from the privacy scandals and its suspicious relationship in the Cambridge Analytica case that was exposed last year, and that global governments are still afraid of it and its methods.

Read also:

Libra CEO: This is the date for the launch of Facebook’s digital currency

Facebook in its letter to the US Senate: Libra will respect privacy