Facebook Libra what happened at the Senate hearing?

Facebook Libra: Facebook will release the Libra cryptocurrency wallet only through Messenger and WhatsApp and will not integrate competitor wallets, said today the head of the Calibra Project David Marcus in the US Senate.

Senator Brown said "Facebook is dangerous!", While others asked for more information about the dangers of the Libra digital currency.

Facebook Libra

Libra will be interoperable so users can send and receive money on other wallets and Marcus is committed to data portability so users can switch to a competitor entirely.

But the integration of the Facebook Libra wallet only in the top exchange applications θα μπορούσε να δώσει στην εταιρεία ένα σημαντικό πλεονέκτημα έναντι άλλων τραπεζών, της PayPal, του Coinbase ή οποιονδήποτε άλλον προγραμματιστή ψηφιακών πορτοφολιών.

Other important points from the hearing "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations"Are the following Marcus reports:

  • USA. should "lead" the world to build rules for cryptocurrencies
  • The Calibra Project chose to be based in Switzerland "so that it could not escape any supervisory responsibility".
  • "Yes," Libra will comply with all U.S. regulations and will not start until all concerns of U.S. lawmakers are addressed.
  • "You do not need to trust Facebook", because it is one of 28 members out of a possible 100 or more Libra members and will have no special privileges.
  • "Yes, I would accept compensation from Facebook in the form of Libra" as a sign of trust in it
  • Facebook's core revenue model around Libra is that e-commerce will drive businesses to spend more on on Facebook

And we left the best for the end:

When asked repeatedly why Facebook is pushing so much to release the Libra, Marcus said that technology blockchain It is inevitable that if the US does not lead the way in developing and regulating it, technology will come from places "that our national security does not allow" such as China.

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Written by giorgos

George still wonders what he's doing here ...

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