Facebook Wants Regulators’ Approval to Launch Libra: Calibra Head

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.

“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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term such as Ethereum and Bitcoin, transactions that take place directly on the Libra Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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.