'It literally threatens the governments that issue currency, the banks that store it and the actual transmission network,' Tally's Jason Brown says.
's new digital currency has the potential of becoming a worldwide currency, Tally CEO Jason Brown said Tuesday.
"It literally threatens the governments that issue currency, the banks that store it and the actual transmission network," said Brown, co-founder of the automatic debt payment and financial savings app.Tuesday a cryptocurrency called Libra, with the intention of making it easier for people to send money across the world.
"People don't understand how disruptive this could be if it really takes off," Brown said in an interview on CNBC's "He expects slow adoption when it comes to everyday financial tasks, like paying bills, after Libra's 2020 release. But he said it will quickly become "the primary way people get money out of first world countries."
The Facebook announcement comes at a time when the social network is working to gain back user trust after data privacy and security scandals. "They couldn't have picked a worse time," Brown said. "I think most consumers are going to associate this [Libra] with Facebook," even though Facebook won't actually control it.
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