Facebook should add Bitcoin to its Calibra wallet, and not create Libra

US Rep. Warren Davidson said adding Bitcoin (BTC) to Calibra's wallet would be a “better idea” than creating social media giant Facebook the new currency Libra.

In an interview, the congressman said that the stablecoin Facebook Libra crystallized all the problems that exist on the social networking platform.

“Do we want filtered transactions or freedom?” Added Davidson.

According to the politician, the July Congressional hearings on Libra exacerbated the intense pressure Facebook was already experiencing. However, he noted that "many issues did not even concern Libra."

He said that Facebook’s announcement of the launch of its own cryptocurrency has contributed to increased attention to many platform operations:

“Facebook is already filtering the content, explaining this by protecting personal space. So still, do we want filtered or free speech? Do we want filtered transactions or freedom? ”

At the same time, it is clear that congressional hearings have become an ideal way to attract the attention of people from the traditional financial sector to bitcoin. For them, this is another reason to realize the problems inherent in the centralized and private initiative of Libra.

Davidson added that the hearing also influenced those who are convinced of the need for central authorities as managers of global finance. In this case, the antagonism with respect to distributed registries and decentralized cryptocurrencies only intensified.

Libra, being a means of payment, can undoubtedly destabilize the status quo and challenge the authority of the government.

During Congressional hearings on Libra this July, US Representative Maxine Waters, chairman of the House of Representatives Financial Services Committee, demanded that Facebook stop working on the project.

According to her, the technology giant “demonstrated that it cannot ensure the confidentiality of user data” and “allowed Russian government agencies to buy and target ads,” influencing the 2016 US presidential election.

Publication date 10/16/2019
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