The billionaire “Shark Tank” investor and Dallas Mavericks owner expressed his concern with the upcoming cryptocurrency during an interview with CNBC that was broadcast on Friday.
“I’m not a big fan of what they’re doing there,” Cuban said. “I think it’s a big mistake.”
Cuban reportedly explained that he is more concerned about Libra’s global impact than the impact it will have in the United States. Per the report, he noted that “globally and in countries where there isn’t a lot of rule of law, or a lot of government stability, or currency stability, then it could be dangerous.” He declared:
Cuban also suggests he is “not a big fan” of Libra because of the potential, reactionary impacts of extending financial access to the underrepresented. “That’s where the real problems start occurring
Cuban has joined a series of government leaders and high-profile bankers in criticizing the social media giant
In a series of tweets, President Donald Trump on Thursday said that he’s “not a fan” of cryptocurrencies and said Libra “will have little standing or dependability.”
He also said, “If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations.”
On the other hand, Bank of England governor Mark Carney said yesterday that people need to acknowledge the issues Facebook is attempting to solve with Libra, regardless of the project’s potential downsides.