Facebook has taken center stage yet again.
A month after the announcement of Libra, Facebook’s “GlobalCoin” is trending yet again. With the Federal Reserve Chair Jerome Powell raising concerns about Libra with respect to money laundering, privacy, and financial stability, and even the United States President himself calling for Facebook to “seek a new Banking Charter,” Libra is front and center yet again.
In light of all this, it is important to clear the clutter behind the Libra project and to do the same, Christina Smedley, Head of Marketing and Blockchain at Facebook, sat down with Longhash in an interview. Currently handling branding for Calibra, the Facebook executive stated that centralization will not be centric to Libra, and people need not worry about the concentration of control.
The Libra association, which will be based in Switzerland to oversee the functioning of the cryptocurrency, has been met with a lot of skepticism, especially in the decentralized currency world. Further, the 28-member consortium consisting of some of the biggest companies in the world will share this responsibility. According to Smedley,
“The association is going to be responsible for taking the Libra network to a permissionless state, and that would begin within 5 years. Facebook will just be one organization in the association.”
Privacy is always a concern when talking about Facebook. Throw a cryptocurrency and a wallet controlled by the social media giant into the mix, and you have a worried consumer base. When asked about these concerns, Smedley stated that Calibra will be a “private network,” but the social data will be “kept separate” from the customer’s financial data. However, things can change as they “haven’t finalized everything.”
Talking about regulatory concerns,