Twitter will not join Facebook’s cryptocurrency Libra: Jack Dorsey

Twitter CEO Jack Dorsey replied “Hell no” to the question of the micro-blogging site joining Facebook’s cryptocurrency project.

Twitter CEO jack Dorsey quashed any possibility of the company joining Facebook’s Libra project. (REUTERS)

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 Facebook-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.