Facebook's David Marcus responds to critics over emphasis "threat"

The head of Facebook's Calibra – the device created by Facebook to provide financial services including a digital wallet for the planned Libra cryptocurrency – has spoken out in response to government claims that the project poses a threat to the nations' monetary sovereignty. "

In a Twitter thread on Monday, David Marcus, who helped create the Libra, said he wanted to" shorten "that notion – one most promoted by France's Minister of Finance and Finance, Bruno Le Maire.

Le Maire said last Thursday that with Libra, "The monetary sovereignty of states is under states is under threat," and further threatened to block the development of the project in the EU.

Marcus said that the weight will be "supported 1[ads1]: 1 by a basket of strong currencies. This means that for any Libra unit that exists, it must be the corresponding value in the reserve." The Libra is raising new money, which will "strictly remain the province of sovereign nations," he said.

The Calibra chief further stated that Libra is built to be a "better" payment network that uses national currencies, and "delivers meaningful value to consumers around the world. "

Marcus welcomed the attention of regulators, but said:

" We believe it is desirable with strong regulatory oversight that prevents the Libra Association from deviating from its full 1: 1 funding commitment . "

His comments come as a group of 26 central banks – including the European Central Bank, the US Central Bank and the Bank of England – meet in Switzerland to grill the Libra Association over the scope and design of the project. [19659002] In the thread, Marcus also promised to continue to work with "central banks, regulators and legislators to ensure that we address their concerns through Libra's design and operation."

David Marcus image via CoinDesk archives

Source link

Back to top button