Facebook’s blockchain head responds to calls for moratorium on Libra

Facebook’s blockchain head responds to calls for moratorium on Libra

The letter was addressed to members of the House Financial Services Committee, who recently urged Facebook to “immediately agree to a moratorium on any movement forward on” Libra and its cryptocurrency wallet. The lawmakers, including the chair of the committee Maxine Waters, said that the project raised privacy, trading, national security and monetary concerns and argued that it might lend itself to “an entirely new global financial system that is based out of Switzerland and intended to rival US monetary policy and the dollar”.

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

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The post Facebook’s blockchain head responds to calls for moratorium on Libra appeared first on The Independent Republic.

 

source: https://theindependentrepublic.com/facebooks-blockchain-head-responds-to-calls-for-moratorium-on-libra/

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