Facebook Assures Congress of its Fair Intentions

2 min reading
Facebook szuka wsparcia finansowego dla swojej kryptowaluty

David Marcus, the head of Calibra which is responsible for Facebook's cryptocurrency, sent a letter to Congress, in which he assured that the company's intentions are fair.

Facebook's criticism

During the last years, Facebook has become the object of attacks of many lawyers, users and social media observers. All because of the Cambridge Analytica scandal, in which users lost their personal data, which later on was used by the others for political purposes. Lawyers are advising that the work on Libra should be stopped until it successfully manages the structure of the network and management processes.

Marcus's letter

The letter was sent to the United States House Committee on Financial Services on July 3 this year. Similarly, David Marcus published a long post on Facebook in which he defended the Libra cryptocurrency project. He also presented his arguments to Congress, which had considerable doubts about its creation. Calibra, according to Marcus, will undoubtedly need more time for the project to be developed enough. Support of the politicians is necessary here, mainly due to their legislative power. Marcus, for his part, promises full cooperation so that regulations regarding Libra can be created without major problems. Marcus emphasizes that Facebook has no intention of fighting the state for independence, but also does not want banks and politicians to get in the way of this project. Mark Zuckerberg's website firmly maintains the position that Libra will be launched only in countries where the law allows it. Therefore it will be difficult to implement it in countries such as China and India, which have a lot of doubts about Libra in terms of monetary policy.
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