When speaking to CNBC on July 12, billionaire Mark Cuban, “Shark Tank” co-host, raised concerns about Libra’s potential to disrupt global finance. Shark Tank Co-host Mark Cuban Dislikes Concept of Facebook’s Libra.
The Menlo Park-based social networking company’s foray into distributed ledger tech was referred as a “big mistake,” by Cuban. The Dallas Mavericks owner discussed the danger of introducing a destabilizing force into already unstable economies or political situations around the world:
“Some despot in some African country that gets really upset that they can’t control their currency anymore.”
As a means to extend financial services and access to the more than 1.7 billion unbanked people around the world, Facebook’s project is intended to be a global initiative.
Written in the Libra Association’s white paper:
“All over the world, people with less money pay more for financial services. Hard-earned income is eroded by fees, from remittances and wire costs to overdraft and ATM charges… When people are asked why they remain on the fringe of the existing financial system, those who remain “unbanked” point to not having sufficient funds, high and unpredictable fees, banks being too far away, and lacking the necessary documentation.”
Shark Tank Co-host Mark Cuban Dislikes Concept of Facebook’s Libra. Due to the potential, reactionary impacts of extending financial access to the underrepresented, Cuban said he’s “not a big fan” of Libra, saying: “That’s where the real problems start occurring.”