We Don’t Need Libra; We Need Technology Says BlackRock CEO

Chief Executive Officer of the World's Largest Blackberry Stockbrokers, said that Facebook did not consider it a cryptosystem.

The need for democratization of foreign exchange transactions
In an interview with CNBC's Squawk Box on July 19, BlackRock's Larry Fink emphasized the imperative of democratizing currency exchange in cross-border transactions and reducing trading costs.

The Executive Director of Finance highlighted the current problem of overloading cross-border transactions, saying that people who need to send money around the world usually do so via organizations that charge 5 to 10 percent of the cost.

To reduce interbank fees, the world does not need Libra, but technology
However, the finance director claimed that the world was not needed to create a new currency for the democratization of global money transactions, suggesting that this should be achieved by technology:

"Actually, I believe in the idea of ​​the Vaga - I do not think we need to design a new currency, but the technology for the current calibration of all currencies." That should do. "

Fink said the global financial system does not need an international currency such as the Scale to reduce operating costs. Instead, he claimed that incorporating a certain technological mechanism into each transaction would minimize transaction costs. The executive said:

"You do not need a Libra." You have computers that can monetize also calibrate the euro in dollars for several basic points. "

The news comes amid reports that Blackrock is setting up a Bitcoin (BTC) potentials assessment team, including investment in BTC futures. As investment management is known for its critical attitude to crypto currencies, Fink described BTC as the money laundering index in October 2017, two months before the crypto currency reached its record. $ 20,000.


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