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Mark Cuban says Facebook's digital coin Libra is a 'big mistake' and 'could be dangerous'
CNBC
Fri, 12 Jul 2019 11:41

Mark Cuban says Facebook's digital coin Libra is a 'big mistake' and 'could be dangerous'

CNBC
Fri, 12 Jul 2019 11:41

DALLAS, TEXAS - FEBRUARY 26: Team owner Mark Cuban looks on during a press conference to introduce Cynthia Marshall as the new Dallas Mavericks Interim CEO at American Airlines Center on February 26, 2018 in Dallas, Texas.

Mark Cuban says Facebook's digital coin Libra is a 'big mistake' and 'could be dangerous'


Omar Vega | Getty Images
Billionaire tech entrepreneur Mark Cuban criticized Facebooks venture into cryptocurrency on Friday, telling CNBC its a "big mistake."

"Im not a big fan of what theyre doing there," Cuban said of Facebooks Libra coin. "I think its a big mistake."
Cuban, owner of the Dallas Mavericks and a "Shark Tank" investor, said hes not so much concerned with the impact on U.S. markets but at a global level.

"I think globally and in countries where there isnt a lot of rule of law, or a lot of government stability, or currency stability, then it could be dangerous," Cuban told CNBCs Diedere Bosa.

"Theres going to be some despot in some African country that gets really upset that they cant control their currency anymore and thats where the real problems start occurring," he explained.

Cuban 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 hes "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."

Appearing on Capitol Hill over two days this week delivering testimony and taking questions on the economy, Federal Reserve Chairman Jerome Powell said he has "serious concerns" about Libra.

French Finance Minister Bruno Le Maire and Bank of England Governor Mark Carney have also questioned Libra.