Coinbase U. K CEO: “the industry needs centralized institutions»

Coinbase U. K CEO: “the industry needs centralized institutions»

The CEO of the UK branch of Coinbase claims that the industry needs centralized organizations, such as Central banks and Facebook, to support the cryptocurrency ecosystem.

In an interview
CNBC’s Zeeshan Feroz said he sees two ways for cryptocurrencies to be ubiquitous: the issuance of digital currencies by Central banks and Facebook’s Libra project.

According to Feroz, state-owned cryptocurrencies such as the digital dollar or the digital British pound can “encourage the spread of cryptocurrencies in a way that is not available to Silicon valley technicians.” Another way to mass distribution of cryptocurrencies, in his opinion, is to launch Libra, which will have “billions of users»:

“Libra as a currency can potentially be a form of payment that is truly universal in nature. It won’t be easy, it’s about challenging the status quo. We are on the first stage of a thousand-year journey.”

Coinbase is one of the companies included in
in the Libra Association, which is under the scrutiny of lawmakers around the world and recently lost
seven influential contributors, including Visa, eBay, and Mastercard.

Feroz argues that at the end of the Libra implementation path, the industry could help create “a more open financial system where people can send funds around the world as easily as an email.”

Notably, when asked if the Libra project replaces state control with a corporate centralized alternative, Feroz distanced himself from “purists” who view centralization as anathema to “true cryptocurrency»:

“To move from the world we are in today to this utopia, perhaps we need centralized organizations that will be a springboard to achieve this goal. You can’t buy cryptocurrency if there isn’t a centralized business that can maintain relationships with banks.”