Ethereum Co-founder Had This to Say About Facebook’s Cryptocurrency Project

According to Ethereum co-founder Jospeh Lubin, social media giant Facebook should not be driving its libra cryptocurrency project.

Facebook’s proposed cryptocurrency libra “suffers from its greatest asset,” said Lubin, who is also the founder of blockchain company Consensys.

Facebook unveiled its Libra project this past June and has been met with a lot of backlash and scrutiny.

“I’m a big fan of projects like Libra,” Lubin told CNBC’s “Squawk Box” recently. “I don’t believe that Facebook … with the concerns that we have with respect to trust and personal identity in Facebook, should be driving that project.”

Facebook CEO Mark Zuckerberg said last month that the company “will not be part of launching the libra payments system anywhere in the world until U.S. regulators approve.”

“My only hope for them to actually launch Libra was to launch it in a bunch of small-and-medium sized nations and bide their time and eventually, launch it in European … and the American nation that are resistant,” Lubin said.

“We’ll see many Libra-like projects going forward with different kinds of price-stable currencies offered,” Lubin also added.

Disclaimer: We have no position in Facebook, Inc. (NASDAQ: FB) and have not been compensated for this article.