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 competitors, the head of the Calibra Project David Marcus said today 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 integrating Facebook's Libra-only wallet into the top messaging apps could give the a significant advantage over other banks, PayPal, Coinbase or any other digital wallet developer.

Other important 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 the 28 members of the possible 100 or more members of the Libra Association and will not have 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 also inevitable that if the US does not lead in its development and regulation, the technology will come from places "that our national security does not allow" such as the .

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Written by giorgos

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