Libra Will Not Be Released Until Regulators Are Satisfies, Says Calibra Head

Facebook has been creating headlines for quite some time now, with their cryptocurrency Libra and it’s release. While most of the crypto community is divided on how to react and receive this new development. The American Congress has also been deliberating on the issue. Facebook, however, is determined to reassure officials that its Libra cryptocurrency is above-board.

Calibra head David Marcus, as a part of prepared testimony for a July 16th Senate hearing, has emphasised that the social network will not be offering the virtual money until it has “fully addressed” regulators’ concerns and received approval. He also reiterated privacy promises. The Libra Association won’t keep personal data beyond basic transaction info, Marcus said, and Facebook won’t share Calibra wallet info with the rest of the company.

He added that Facebook is treating Libra as a “payment tool, not an investment,” and that it was meant to ease money transfers and interactions. The Association can’t profit from data on the blockchain for ads and other purposes, according to Marcus. He expected Switzerland (a cryptocurrency-friendly country) to be the privacy regulator as the Libra Association is based in Geneva.

There’s no guarantee that Marcus’ testimony will satisfy the Senate. Politicians were already calling on Facebook to halt the launch entirely until their concerns were addressed, and leaders (including Donald Trump) aren’t fans of cryptocurrency in the first place. Facebook may have to accept a long wait before it’s cleared to bring Libra to market, assuming it isn’t rejected before then.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.