Joseph Stiglitz, an American Nobel Laureate in Economics and professor at Columbia University, published an article in which he claimed that "only a fool would trust Facebook with his or her financial wellbeing."
The Nobel Laureate notes these days it’s a curious time to be launching an alternative currency. Meanwhile, Stiglitz highlights the last thing the world needs is "a new vehicle for nurturing illicit activities and laundering the proceeds, which another cryptocurrency will almost certainly turn out to be."
However, Stiglitz isn't the only one who believes Facebook's stablecoin called Libra may pose a threat to the traditional finance industry. Previously iHodl reported that the central bank of Japan, the Bank of Japan (BOJ), is afraid of the upcoming Facebook's stablecoin.
It's worth mentioning that back in 2018, Stiglitz said that the anonymity of bitcoin transactions opens the door to the criminal market and heinous activities.
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