Facebook’s David Marcus is pushing back against concerns about the social media giant’s new cryptocurrency project, Libra.
In a note published Wednesday on Facebook, Marcus addressed “a number of questions and a few misunderstandings” about the project.
In Wednesday’s post, Marcus sought to address a number of issues that have been raised by lawmakers and informed observers alike, including whether Libra is actually decentralized, why there isn’t a charter in place for the Libra Association and whether Libra can actually address financial inclusion.
Perhaps most notably, he addressed the widespread distrust of Facebook in the wake of Cambridge Analytica, 2016 election interference and other high-profile mishaps.
“Bottom line: You won’t have to trust Facebook to get the benefit of Libra,” Marcus wrote, adding:
“And Facebook won’t have any special responsibility over the Libra Network. But we hope that people will respond favorably to the Calibra wallet [made by Facebook]. We’ve been clear about our approach to financial data separation and we will live up to our commitments and work hard to deliver real utility.”
Under various subheadings, Marcus addressed complaints about the project, including concerns that Libra would not be able to bank individuals who are currently under- or unbanked, as well as concerns about Facebook’s track record on consumer data protection.