The head of the Facebook project Libra has clarified the details on the work of the future cryptocurrency

Two weeks after the launch of Facebook’s own cryptocurrency social network and following yesterday’s appeal by US congressmen to the company demanding a moratorium on its development, project head David Marcus clarified a number of points about the situation around Libra and plans for its future.

First of all, he stressed that in addition to Facebook, dozens of founding companies are participating in the Calibra project, and there is no need to associate it exclusively with the social network. According to him, Facebook will not control the network, cryptocurrency or reserves to ensure it, and will not have “any special rights or privileges” among members of the Libra association.

He also assured that social networks will not become aware of the financial data of users, and they, in turn, will also be able to store funds in Libra and conduct operations with them using other custodial services and cryptographic cards .

“ With Libra, anyone with a $ 40 smartphone and an Internet connection can safely use their assets, gain access to the global economy, conduct transactions at much lower costs, and eventually get a whole range of financial services. We are confident that Libra will be successful and will become a non-linear solution for the billions of people who desperately need it , ”explained Marcus.

Recall that the administration of the Trump Libra was called a “good thing”, but on July 16 the Committee on Banking, Housing and Urban Affairs of the US Senate will hold a hearing on Libra, and on July 17 a hearing on the same issue is scheduled US Financial Services.

Publication date 05/07/2019
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