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June 19, 2019

David Marcus, leader of Facebook's blockchain branch, has said the Libra project will share information about its users with the authorities, Cointelegraph reported yesterday.

He has stated that the Libra project will transfer data about its users to the authorities in order to prevent crime and comply with regulatory requirements.

Besides, Marcus has added that the social network will not charge any fee, at least initially, when users make transactions with Libra in order to make the cryptocurrency accessible to as many users as possible. However, it may start charging a fee at any time in the future.

Calibra wallet, which has been registered with FinCEN as a money services business, will be used for all transactions.

Marcus has left the door open to traditional banks.

As iHodl reported, Facebook made yesterday the official announcement of Libra, its crypto project, as well as of its wallet Calibra. Facebook also announced the cryptocurrency will be launched in the first half of 2020.

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