David Marcus, co-creator of Libra, says the stablecoin won’t threaten monetary sovereignty of nations

David Marcus, co-creator of Libra and head of Calibra (a Facebook company), has said that the proposed stablecoin Libra won’t threaten monetary sovereignty of nations as claimed by global regulators recently.

Marcus, in a Twitter thread on Monday, said that Libra is designed to be “a better payment network and system running on top of existing currencies,” and as such “there's no new money creation, which will strictly remain the province of sovereign Nations."

The executive further said that as Libra will be backed 1:1 by a basket of “strong” currencies, “strong regulatory oversight preventing the Libra Association from deviating from its full 1:1 backing commitment is desirable.”

Reiterating his old remarks, Marcus also said that the association will continue to engage with global regulators to address their concerns through Libra's design and operations.

“I'm looking forward to the Libra Association taking on full leadership of the project soon after its charter has been ratified so I can focus on building @calibra,” Marcus concluded.