Head of Facebook’s Libra Distances it from BTC: we’ll Share Information with Authorities

Head of blockchain at social media giant Facebook David Marcus said that the Libra Project will distance itself from Bitcoin and will share information with authorities.

Head of blockchain at social media giant Facebook David Marcus said that the Libra Project will distance itself from bitcoin (BTC) and will share information with authorities, Cointelegraph Brazil reports on June 18.

Per the report, Marcus made his remarks during an interview with Brazilian newspaper Estado de São Paulo, which was published today. During the interview, he said that Libra’s data will be shared with authorities for crime prevention and to ensure compliance with regulation.

The article also claims that Facebook does initially not plan to profit off of Libra transaction fees and intends to keep the costs associated with transactions as low as possible. Still, the company reserves the right to change those rules.

Facebook also intends to provide financial services through the Calibra wallet. Kevin Weill, vice president of product, is also quoted in the interview, stating that the company will definitely offer credit services. Marcus does not rule out that traditional banks will join the project, he also commented:

“Even if we offer similar services in the future it will still be for the better, since there will be more competition in the finance industry.”

The social media giant released the whitepaper of its Libra blockchain earlier today.

As Cointelegraph reported earlier today, Binance Research, the research arm of major cryptocurrency exchange Binance, claims that Facebook’s Libra stablecoin could spark additional cryptocurrency volume.

Visit the USSA News store!
Click this link for the original source of this article.
Author: Adrian Zmudzinski


This content is courtesy of, and owned and copyrighted by, https://cointelegraph.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact the USSANews.com administrator by using the contact form located in the top-left menu. Your request will be immediately honored. Please visit https://cointelegraph.com for more terrific, conservative content. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.

USSANews.com USSANews.com