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Facebook executives defended Libra coins: it doesn’t belong to us, we don’t have control

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David Marcus, the direct head of Facebook’s Libra currency business, said Facebook is one of the 28 founding members of the Libra Currency Association. The Libra Currency Association is a management association that will oversee its network after the release of Libracoin’s blockchain network.
Tencent Technology News Recently, the US social network giant Facebook announced that it will create a digital currency called Libra, and also introduce various Internet financial services such as transfer payments to users, Facebook’s Libra There have been widespread doubts around the world, in which US lawmakers sent a letter to Facebook, requesting a suspension.
According to the latest news from foreign media, in the face of widespread outsiders, David Marcus, the direct head of Facebook’s Libracoin business, published an article on Wednesday refuting the outside world for its new cryptocurrency project. Kind of worry.
In an article published on Facebook on Wednesday, Marcus talked about “some problems and some misunderstandings” about the Libra coin project. Marcus also confirmed that he will attend the hearing on the project at the US Senate Banking Committee and the House Financial Services Committee later this month.
In a Wednesday article, Marcus tried to solve some of the questions raised by lawmakers and observers, including whether Librais is actually decentralized, why Librais does not have a charter, and whether Libra is really Can solve the problem of financial inclusion.
Perhaps most notably, Marcus talked about the widespread mistrust of Facebook companies after the Cambridge analyst scandal, the 2016 US presidential election intervention, and other high-profile scandals.
Marcus wrote: “The important thing is that you don’t have to trust Facebook, you can enjoy the benefits of Libra.”
He said: “Facebook has no special responsibility for the Libracoin network. But we hope that people will respond positively to Facebook’s Libracoin digital wallet Calibra. We have already defined the method of financial data separation, we will Fulfill our commitments and strive to achieve real utility.”
Facebook published a white paper and supporting documents for Libra coins last month, but it was immediately opposed by regulators around the world.
Marcus also talked about complaints about the project, including Libra itself itself unable to provide financial services to users who do not currently have a bank account, and a bad record of Facebook’s protection of consumer privacy data.
Marcus wrote: “Some people say that the main reason people don’t get bank financial services is that they don’t have enough money to deposit in the bank and claim that Libra will not solve the problem.” He said the explanation was wrong.
In Marcus’s view, Libraco is willing to put down the suspension bridge to the bank’s financial services for anyone who has a $40 smartphone and Internet connection.
Marcus also reiterated the content of the California-based Facebook subsidiary Calibra’s public document that Facebook will not access any financial data from the digital wallet service provider.
He said: “People have a lot of ways to use Libra coins and use their relationships. You will be able to use a range of managed wallets and unmanaged wallet services, which will be completely compatible with each other, which means you will be able to pass different The company’s digital wallet pays for and receives payments, or uses your own wallet software.”
It is reported that nearly 30 companies have been launched as members of Libra Co., and these companies will be able to launch Librae’s digital wallet service in the future for users to choose. Facebook’s Calibra does not have a monopoly attribute.
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“We look forward to continuing to engage with communities and stakeholders. We want to hear from you and we are committed to taking the time to get things done,” Marcus said in the conclusion.
Decentralized management
Marcus said that although Libra coins will be controlled by a few entities at the time of launch, control will gradually disperse over time.
Marcus said that Facebook is one of the 28 founding members of the Libra Currency Association. The Libra Currency Association is a management association that will oversee its network after the release of Libracoin’s blockchain network.
Marcus wrote: “It’s easy to infer from the headlines that Libra coins are only related to Facebook, but that’s not the case. But it’s important to start with trusted entities that can operate in a regulated environment. And with the operational expertise needed to ensure the integrity of the network at its foundation stage, I believe that 100 geographically dispersed, industry-diversified organizations (ie the size of the first Libra coin-initiated members) are quite fragmented. ”
He claims that every founding member will participate in the development of the Libra Currency Association’s management rules and “other key decisions” to limit the influence of Facebook on the Libracoin network.
Libra coins belong to the cryptocurrency in the digital currency, and the transaction information is recorded in the underlying blockchain network. In fact, cryptocurrencies are commonplace around the world, and mobile payment services based on fiat money are also common, and consumers can bundle payment accounts and bank accounts with each other.
According to foreign media reports, Librae can be purchased through legal currency exchange, and the value of digital currency will be supported by real financial assets to maintain long-term stability of the currency.
However, Facebook has more than 2 billion users worldwide, and launching a global digital currency that is not affiliated with the traditional financial system has been rare in the past, which has caused concern among regulators and central banks. The outside world believes that Facebook will create an independent “Internet finance kingdom” to avoid the real world’s various regulatory systems. (Tencent Technology Review / Cheng Hao)

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