David Marcus, head of Facebook's Libra project, has assured that the social network will not have any control over its stablecoin. He has said Facebook will be just another participant in the network, meaning it will not have any special rights over it.
"Facebook will not control the network, the currency, or the reserve backing it. Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges."
We must not forget that the leader of the project has decided to publicly defense the currency due to the concerns it is generating. It is not surprising that Facebook users do not feel too comfortable with the idea of entrusting their money to the social network, especially taking into account it has been involved in several scandals about the misuse of their data.
For example, last year, the social network was involved in a data leakage scandal in relation to the British company Cambridge Analytica.
The leader of the project also confirmed that he will testify before the Senate Banking Committee and the House Financial Services Committee on the project later this month.
Facebook published its white paper as well as the Calibra project website on June 18. Shortly afterwards, regulators from around the world began to express their reluctance regarding the project.
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