- Dante Disparte, the Vice Chairperson and Head of Policy and Communications at Libra Association, opined in a seminar named “Digital Currencies: The Future of Money.
- The seminar hosted by Harvard Kennedy School Belfer Center for Science and International Affairs.
- He included that Libra is working with IMF, FSB, and other administrative bodies to promote cross-border payments.
Dante Disparte, the Vice Chairperson and Head of Policy and Communications at Libra Association, opined in a seminar named “Digital Currencies: The Future of Money? About the relationship between Libra and central banks along with the future of Libra. The seminar hosted by Harvard Kennedy School Belfer Center for Science and International Affairs.
Libra working with IMF, FSB for Money Transfers
According to Disparte, digital currency isn’t created to substitute traditional financial instruments. Libra and stablecoins likely to adapt in more situations. The ongoing change in Libra White Paper doesn’t mean the failure in trying to back by a bunch of currencies.
He further added that issuing stimulus payments in the future might be an easier opportunity. If these types of open payment networks existed.
However, the Libra payment system overall, and the pathway for users to get access to this will flow through regulated channels. Thus, if a country has currency controls in place then, the network would abide by those standards.
He included that Libra is working with IMF, FSB, and other administrative bodies to promote cross-border payments. It will move in a more convenient manner.
Libra’s digital wallet Novi
Disparte notified that the Libra association consists of many organizations in addition to Facebook. Further in the discussion, Disparte Mentioned about Facebook developing a digital wallet Novi. Also, the digital wallet will be able to access the user’s social media account.
Disparte replied that the team continued to build out this type of workstream before the project goes live. The company will be able to really abide by a very high standard around consumer protection and privacy.
Further, Libra will follow the rules from various nations. Assuring that it won’t be abused as a tool for terrorism or money laundering.
Finally, Disparte believes that Libra will exist together and coordinate with CBDC in the long term. By offering exclusive financial services to digital currency users worldwide.
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