Mark Zuckerberg: Libra WIll Not Launch Without U.S Approval
Mark Zuckerberg the founder of the world’s largest social network Facebook, plans to reveal that Facebook will not launch the Libra stablecoin without the approval of U.S regulators.
According to remarks prepared by Zukerberg published on 22 October, for the upcoming hearing against U.S House Financial Services Committee. Mark Zuckerberg said:
“Facebook will not be part of launching the Libra payments system anywhere in the world until US regulators approve.”
That doesn’t mean Facebook will never launch Libra stablecoin. According to the remark the Facebook stablecoin is mostly pegged by the U.S dollar. Zuckerberg also stressed that China is also planning to launch a similar project like Libra that will affect the American financial and technological markets.
When asked about that can Facebook access the Calibra wallet users data, Zuckerberg responded that Calibra and Facebook both are different entities. The Facebook user’s data and Calibra wallet data is stored and managed differently.
Zuckerberg ensures that “Calibra will not share customers’ account information or financial data with Facebook, except to prevent fraud or criminal activity, when people affirmatively choose to share their data, or when we are legally obligated to do so.”
Zuckerberg stressed that the aim of Libra is to serve as a digital payment method for everyone, not to replace the fiat currencies.
“Payments processed through Facebook’s licensed payments subsidiaries are subject to comprehensive anti-money laundering, counterterrorist financing, and sanctions monitoring that leverage both our automated systems and human review, and we report suspicious payments activity to applicable authorities consistent with our regulatory obligations. We also have policies in place to prevent fraud.”
Zuckerberg also ensures that Facebook is not collecting and selling the personal information of its users. Zuckerberg said “We use information about transactions that happen on our products to improve our services, including advertising. However, we do not use people’s payment account information for advertising purposes.”
