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.
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.