'Hell no': Jack Dorsey says Twitter will not join Facebook's Libra

Topics Facebook | Twitter | Jack Dorsey

Twitter CEO Jack Dorsey

Microblogging site Twitter will never join Libra, CEO Jack Dorsey said at a company media event in New York City.

Dorsey replied with a conclusive "Hell no" to the question of its potential membership of the Fcebook-led crypto payments scheme, The Verge reported on Thursday.

He explained that Libra is not based on an open standard, born on the Internet.

"It's not an internet open standard that was born on the Internet. It was born out of a company's intention, and it's not consistent with what I personally believe and what I want our company to stand for," said Dorsey.

Recently, a battery of US lawmakers bluntly told Facebook CEO Mark Zuckerberg in a hearing to address his existing failures first before launching the digital currency Libra.

In a six-hour grilling at a House Financial Services Committee hearing on Wednesday, both Democrat and Republican lawmakers expressed dissatisfaction with Facebook's cryptocurrency plans.

The hearing was focused on Libra, a cryptocurrency Facebook plans to launch in the first half of next year.

Despite some top-notch firms pulling out, Facebook and 20 partner organisations have formally launched the digital currency Libra project.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel