Nobel laureate: Only a fool would trust Facebook’s cryptocurrency libra

Nobel laureate: Only a fool would trust Facebooks cryptocurrency libra

Image source: Shutterstock / Raimond Spekking (Wikimedia Commons)

Teodor Stig-Matz

Joseph Stiglitz is not a fan of Facebook cryptocurrency libra.

Joseph Stiglitz is a highly acclaimed economist and has even been awarded the Swedish Central Bank’s Prize in Economic Sciences in Memory of Alfred Nobel (also known as the Nobel Prize in Economics).

In an op-ed, he now attacks Facebook’s upcoming cryptocurrency libra. Joseph Stiglitz’s biggest argument against libra is that the social media giant cannot be trusted.

“Every currency is based on trust but only a fool would trust Facebook’s libra,” he writes in the article published on Marketwatch.

Can be used for money laundering

Joseph Stiglitz also believes that libra will be a tool for money laundering, Cointelegraph reports.

Yesterday two crypto insiders came out as libra supporters – you can read about that here.

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