David Marcus: Libra Will Cooperate with Authorities
Main page News, Facebook, Cryptocurrency
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10 July
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The leader of Facebook's blockchain project, David Marcus, has written an open letter to U.S. legislators in which he assures that the social network will not have access to the financial information of its users.

Libra, Facebook's cryptocurrency project, was made public last June 18, when the social network launched its official site as well as its white paper.

From that moment, the project started to generate a great debate due to the privacy implications it represents. The reputation of the social network regarding the privacy of its users is not the best, since the U.S. giant has been involved in several data leakage scandals (e.g. Cambridge Analytica).

For this reason, Facebook has quickly stepped forward to asure that even though the company will issue the token, it will not have any privilege to access information from its users. In addition, he added that the social network will collaborate with the authorities whenever its help is required.

He added that user information will be processed by wallet providers, and due to the fact that Libra's blockchain is open source, third party developers will be able to create their own digital wallets, which makes the project available to everyone.

Marcus' response comes shortly after several U.S. lawmakers expressed their concern regarding Facebook's involvement in Libra and asked the social network's executives to answer several questions about the project.

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