Calibra CEO David Marcus was speaking at the Money 20/20 conference held in Las Vegas on 29th October. Marcus has defended Facebook’s cryptocurrency project by describing it as “the most meaningful innovations that have changed the lives of millions across the world in a profound way have always been met with damning headlines.”
Ideally, David’s speech tried to provide insight on how Libra will improve traditional payment systems by providing; a secure and noble way of moving money across borders. Moreover, Marcus stated that the underlying Blockchain technology behind Libra digital currency; will enable regulators trace transactions and notice suspicious payments. He said:
“The open ledger – the blockchain – enables regulators to look at what is happening themselves and identify where the risk is without relying on reports. The onus is on us to do that work and now that we have the governance structure in place, we can now demonstrate this improvement.”
Moreover, the Calibra CEO said that any wallet could take part in the project as long as it is compliant; with Anti Money Laundry (AML) and Know-Your-Customer requirements. Calibra is Libra’s corresponding wallet. According to Marcus, “It was designed to be competitive, but we still need to earn people’s trust over time to use Calibra.”
Libra to Change the Direction of the World
Additionally, the project lead compared the invention of Libra to some great inventions that have changed our way of living. He resorted to examples such as internet, electricity, mobile phones, and smartphones noted that just like them; Libra also has the ability to “change the direction of the world.”
Notably, he stressed that there was data separation between Facebook and Libra. He tried to clarify that information will not be touted for ad targeting but would bring distribution channels. He said “Moving money around the world with WhatsApp and Messenger is what will bring real value on a day to day basis.”
In conclusion, Marcus comments have come at a time when intense regulatory scrutiny; that has forced a number of its key backers to abandon the project. Last week at a congress hearing; Facebook CEO Mark Zuckerberg said he is prepared to delay Libra’s launch until regulatory concerns are addressed.