In his response, Marcus said that the “big idea” behind Libra was “to reduce transaction costs and expand access to the financial system using blockchain technology”.
The Libra project will be governed by a Geneva-based consortium called Libra Associations, which includes 28 “founding members”, including big companies such as MasterCard, Visa, Uber and Vodafone. Facebook’s recently formed blockchain subsidiary Calibra is among these founding members.
Marcus is set to have separate hearings before the US Senate Banking Committee and the House Financial Services Committee next week.
Featured image: Ink Drop / Shutterstock.com
The post Facebook’s blockchain head responds to calls for moratorium on Libra appeared first on The Independent Republic.
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