BlackRock CEO announced the absence of …

BlackRock CEO says there is no need to launch Libra for international payments

The head of the world’s largest investment company by asset size under BlackRock sees no need for Facebook’s Libra cryptocurrency.

In a conversation with CNBC, BlackRock CEO Larry Fink highlighted the democratization of foreign exchange in international transactions. According to him, these transactions are currently associated with too high costs – people who, although sending money from one country to another, most often have to interact with companies that charge a commission of 5-10%.

Despite dissatisfaction with the current state of affairs, Fink states that there is no need to issue a new currency to solve the problem: “Speaking about the Libra idea, I believe that we do not need to create a new currency. We need technology that will instantly calibrate all currencies. “.

Fink is confident that the global financial system does not need an international currency like Libra to reduce costs. Instead, a technological mechanism should be built into each transaction that will cope with this task itself..

BlackRock CEO announced the absence of ...

“Libra is not needed. We already have computers that can instantly monetize and calibrate the euro against the dollar for a couple of basis points, ”he added..

Fink previously stated that BlackRock would not launch its own Bitcoin ETF until the cryptocurrency industry “is legally recognized.”.

BlackRock CEO announced the absence of ...

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