On Tuesday, David Marcus, head of the Libra Facebook project, was heard by the US Senate Banking Committee.
Overall, the main concerns expressed by senators were Facebook’s controversial history of personal data protection. Most senators have pointed out that Facebook does not benefit from the trust of the authorities. This aspect means that it is struggling from the start with major prejudices when it comes to a project that is based on financial issues.
In general, Marcus reiterated the issues already outlined about the project, underlining that it is a developing concept. He argued that the main reason why the whitepaper was launched long before the official launch is precisely to have time to clarify all aspects of Libra’s functionality.
The new issues are:
“The status quo is not working for many people and it’s time for progress in financial services for those who are out of the system at present. This is the main motivation for the Libra project. We have decided to assume for the time being the leading role in this change, “
said Marcus.
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