Zeeshan Feroz, CEO of Coinbase UK, expressed his thoughts on the Facebook Libra project, stating that crypto mass adoption is primarily achievable if technology giants and central banks become its catalysts.
“I think there are mainly two ways for cryptocurrencies to go mainstream, one is through Central Banks where if central banks start issuing the digital equivalent of their national fiat, then it could really turn out to be a catalyst for crypto adoption, the other way is through a tech giant like Facebook which has a reach of over billions of people and has the potential to become a universal form of payment”.
Not surprisingly, Coinbase is one of the companies that signed in favour of the Libra Association and therefore supports the idea of a payment model that combines centralisation with decentralisation.
In this regard, Feroz comments:
“In order to run a crypto payment system, no matter how decentralized that it, you need a centralized body to maintain a cordial relationship with the banks. I think there is a place for centralized services to support the crypto ecosystem along with the advantages of decentralization”.
Although Satoshi Nakamoto’s peer-to-peer concept, from which the crypto world originates, exalts disintermediation and decentralisation, it appears that to obtain global recognition it would be necessary to wait for the arrival of global giants in the field.
Coinbase has taken a stand, defending some “political accusations” made against Facebook concerning its desire to replace institutional and governmental control with a corporate alternative through its Libra project.
In any case, both banks and big tech companies continue to declare their intentions, like the People’s Bank of China, which has declared that it wants to issue its own digital currency.