NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

ECB Board Member Claims Facebook’s Libra is Not a Real Crypto

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Libra Crypto

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

News surrounding the imminent launch of Facebook’s cryptocurrency – dubbed Libra – captivated the world earlier this Summer, and although the hype surrounding the project has largely worn off, many analysts still view it as a catalyst for greater widespread adoption of crypto.

Although Libra was met with praise by many, it certainly has its fair share of detractors, and now an executive board member of the European Central Bank (ECB) is adding to the controversy surrounding Libra, claiming that it is not a real cryptocurrency.

ECB Board Member Claims Libra Ecosystem Will Become “Cartel-Like”

Yves Mersch, an ECB executive board member, spoke about Facebook’s crypto initiative during a recent legal conference in which he boldly stated that Libra is a “siren call” that will ultimately lead to the formation of a “cartel-like” ecosystem.

Despite being an advocate of state-backed fiat currencies, Mersch notes that the Libra-ecosystem is largely designed in an effort to give Facebook centralized control over the entire entity.

“To begin with, Libra coins will be issued by the Libra Association – a group of global players in the fields of payments, technology, ecommerce, and telecommunications… The Libra Association will control the Libra blockchain and collect the digital money equivalent of seignorage income on Libra,” he explained during the conference.

He further went on to add that Calibra, the group that will be managing Libra, is a fully owned subsidiary of Facebook, so despite their claims that they won’t directly be involved in the Libra ecosystem, the social media giant is still likely to maintain full control over the ecosystem.

Mersch: Facebook’s Crypto is Not a Real Cryptocurrency

One key aspect of Bitcoin and many other cryptos that advocates commonly point to is their decentralized nature, with no single entity reserving the ability to completely alter or control the ecosystem.

Libra, however, does not appear to have this feature, as it is highly probable that Facebook will exercise immense control over the digital currency and the ecosystem built around it.

Mersch spoke about this during the conference, explaining that Facebook’s digital currency shares little in common with decentralized digital assets like Bitcoin.

“With such a set-up, it is difficult to discern the foundational promises of decentralization and disintermediation normally associated with cryptocurrencies and other digital currencies,” he noted.

Although Mersch further went on to express his support for state-backed fiat currencies like the Euro, his strong critique of Facebook’s crypto as a pseudo-cryptocurrency is emblematic of the fact that even critics of digital assets like Bitcoin recognize that decentralization is a benefit that digital assets offer the world.

Featured image from Shutterstock.
Tweet123Share216ShareSend
Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Pyth rebound naar $0,45 verwacht deze week - blijft de Chainlink killer sterk?

Pyth rebound naar $0,45 verwacht deze week – blijft de Chainlink killer sterk?

PYTH koers zakt terug naar steun en traders mikken op een snelle rebound. De altcoins tonen weer leven. Als het...

Lars Diederiksen 3 hours ago
Crypto news Ray Dalio

Crypto To Overtake The Dollar? Ray Dalio Flags End Of Debt Cycle

Crypto sits at the heart of Ray Dalio’s new message. On September 3, 2025, the Bridgewater Associates founder published a...

Jake Simmons 3 hours ago

Lava Network’s RPC engine sets the infrastructure stablecoins need to scale

Stabelcoins and tokenized assets are quickly becoming the next frontier for payments and financial innovation, promising near-instant settlements, lower fees,...

NewsBTC 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin And Ethereum Exchange Inflows Overshadow Stablecoin Demand – Details

Sebastian Villafuerte 1 hour ago
XRP

XRP Faces Crucial Test With ETF Approval Chances Now At 87%

Christian Encila 2 hours ago
bitcoin и графики

Почему Биткоин не дошел до $150 000 и какую роль играет инфраструктура?

daria 2 hours ago

Premium Sponsors

Press Releases

  • Bitcoin Prediction $140,000: Sunny Mining App Helps Users...

    1 hour ago
  • ドージコイン 今後の価格予測:1ドル到達は可能か?

    ドージコイン...

    3 hours ago
  • リップル 今後の展望:2025年に5ドル予測、台頭する新興ウォレットトークンとは

    リップル...

    3 hours ago
  • シバコイン...

    3 hours ago
  • パイネットワーク...

    3 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.