In response to the questions raised by the United States Senate Banking Committee, David Marcus, Facebook’s head of Calibra, on Tuesday stated that the social media company is seeking approval from governments and regulators to launch its digital currency, CNBC reported.
“We understand that big ideas take time, that policymakers and others are raising important questions, and that we can’t do this alone,” Marcus stated in the letter addressed to Senate Banking Committee Chairman Mike Crapo and Ranking Member Sherrod Brown.
“We want, and need, governments, central banks, regulators, non-profits, and other stakeholders at the table and value all of the feedback we have received.”
The response was made only days before the upcoming hearing of Facebook before the Senate committee on July 16. Marcus will be likely to represent the company and clarify the privacy-related concerns with Libra. The Senate’s hearing will be followed by another hearing by the House Financial Services Committee (HFSC) on the next day.
A company with a bad history of data privacy
The chairperson of the HFSC already asked Facebook to halt its developments of Libra over concerns of the privacy of the platform’s users.
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“I want to give you my personal assurance that we are committed to taking the time to do this right,” Marcus added in the letter.
He also assured that the technology company would have no access to the personal financial data of Libra users.
In another letter to the HFSC, Marcus used the same tone to explain Libra and other concerns related to it, according to The Hill.
“Similar to existing and widespread cryptocurrencies such as Ethereum and Bitcoin, transactions that take place directly on the Libra Blockchain are ‘pseudonymous,’ meaning that the user’s identity is not publicly visible,” he noted.
Though most of the world’s regulators are raising concerns about Libra, Facebook’s biggest hurdle might be in its biggest market – India. According to reports, the social media company has decided not to launch any of its crypto products in the Indian market amid resistance from the country’s regulators.