R3 CEO: Facebook’s Libra will pressure central bankers and regulators to take a stance
In an interview at the 2019 FinTech Week in Hong Kong, David Rutter, CEO and founder of R3, mentioned many “hot” issues of the cryptocurrency market. This includes Facebook’s Libra stablecoin project, the Chinese approach to Blockchain, and the application of Blockchain for global trade.
The world is full of scam ICOs
R3 is an enterprise software company that uses the power of distributed computing to solve business problems. Also, Rutter mentioned how to apply Blockchain from the pilot stage at banks, anti-fraud measures, and KYC issues.
David E. Rutter, founder & CEO R3 – Image via forkast.news
According to Rutter, to legalize a world filled with fraudulent ICOs that offer no value to real life, we need to have an adequately regulated legal market. R3 CEO also expanded on how regulators have been slow. Meanwhile, he was even admitting that there are regulators in certain parts of the world that have to move quickly and be more specific to create a global recognition and see the token economy take off.
He said:
“I don’t love regulation. I don’t love taxes. There’s a lot of things I don’t love that are necessary.”
Back to Facebook’s Libra story
The R3 CEO also mentioned how Facebook expanded its user base through Libra. At the same time, he said, Libra will promote the thought of using the stablecoin system among central banks.
Also, Rutter acknowledges that China’s approach to data storage will create a bumpy path for global companies like R3. Although China is a big player in the market, it cannot do everything in isolation.
He said:
“If China has some big thing, we’ve got to figure out how to do these work together if we were fairly going to have global finance.”
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 participants across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
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