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Calibra CEO David Marcus, who’s heading up the organization pushing the proposed Facebook cryptocurrency Libra, has taken to social media to dispel the idea that the crypto is a danger to the status quo of the global economy, according to reports

While many central banks and Libra reps were meeting in Basel, Switzerland, Marcus took the time to break some things down about the crypto on Twitter.

On Monday (Sept. 16), Marcus wrote a Twitter thread called “About monetary sovereignty of Nations vs. Libra.”

“Recently there’s been a lot of talk about how Libra could threaten the sovereignty of Nations when it comes to money. I wanted to take the opportunity to debunk that notion.”

He said Libra isn’t going to be a new currency but instead a “better payment network and system running on top of existing currencies,” one that’s meant to bring real value to users worldwide. 

Money, he said, will “strictly remain the province of sovereign Nations.”

Marcus went on to say that Libra will be backed 1:1 by a variety of strong currencies, and that he welcomes regulation and oversight to make sure the coin is viable.

The meeting in Basel was hosted by the Bank For International Settlements (BIS) and attended by senior banking officials from around the world. Libra has been scrutinized by regulators and central banks alike over its proposed launch sometime next year. 

In addition to the Libra Association, JPMorgan and Fnality International gave presentations on upcoming projects.

Agustín Carstens, general manager of the BIS, said that it was important to coordinate regulatory actions and procedures, and that the understanding of what was happening was clearly explained. 

“A key part of assessing new initiatives is to understand the details,” he said. “When such initiatives cross national borders, it’s important for regulators to coordinate and come to a common understanding.”



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