Libra shrinking the coverage of its globally stable-coin to a very small level had made many observers pass comments. Some have made comments that the Libra has ‘lost its soul’, at the same time Libra has been seized by other crypto traditionalists.
Libra’s restoration has been stated as ‘insufficient’ by lawyers and advocates in the U.S. Dante Disparate, the director of policy and communications at the Libra Association made a statement:
That’s why an updated white paper from April 2020 has taken a belt and braces approach to regulatory compliance.
A place where more than 70% of the world’s central banks are trying to make discoveries in CBDCs have many opportunities. So those who thought of Libra’s first white paper being launched as ‘unsuccessful’, should also take into account the fact that this effort made by Libra has given birth to a ‘space race’ which involves central bank digital currencies or CBDCs.
I think there would be nothing better for the world and for poverty alleviation if, in fact, we started to trigger a bit of a space race on compliance to address the 1.7 billion people who are unbanked and underbanked, so from my point of view, there is no monopoly on this work. Let others enter this process and let the race begin.
Disparate also suggests that providing the central bank of Ghana a way of ‘creating a cross-chain trading window between you and the currency you issue, and user-level applications that are interoperable.’ Libra has also been very successful at crossing some of its competitors like Andreessen Horowitz as well as Celo Alliance and the Google- and Gates Foundation.
Disparate has made claims that China has been cooperative at all as organizations in China like WeChat Pay, Alipay, and PBoC are allowing digital payments and ensuring its access to millions of users within the country. Libra has also approached the United States where the U.S CBDC has been offered a method to reach the maximum amount of users who can benefit from its use.