The head of blockchain company R3 has reportedly shared his sarcastic remarks towards the way Facebook chose to reveal its upcoming Libra stablecoin project. 

Specifically, David Rutter – head of R3 – has been added to the list of individuals and organizations that expressed doubts towards the controversial Facebook’s Libra project. He believed the introduction of Libra stablecoin is this summer was “ridiculously stupid”.

Rutter made his remarks at the London-held company conference recently, sharing that because Facebook decided to roll out their self-developed digital coin, lawmakers and financial regulators were forced to accelerate their ongoing work of examining blockchain and cryptocurrency applications.

Rutter further claimed that the plan facebook drafted in an attempt to be a big player in the financial systems scene – which other organizations have been putting extensive efforts in for years – was “really naïve”.

“I think what they did was ridiculously stupid. The way they rolled it out… Yeah, you know it was just so… It was just so in your face. There’s a lack of understanding. When we saw [Facebook] talking about doing a basket of currencies with weighting, in reality when we want to translate that back to real-world currencies it’s not simple.[…] It’s really naïve.”

Despite the ongoing arguments among lawmakers to best reach a joint agreement on the project, the Libra Association is still making progress with Libra stablecoin, with more than 30 projects and 51,000 transactions finalized on the system in the last 2 months.