Facebook "explains" Libra to the American Senate


David Marcus, former president of PayPal and current manager of Facebook for projects regarding Blockchain and cryptocurrency, it was heard by members of the US Senate who had requested its presence to clarify in detail the operation of Libra, the digital currency of Menlo Park, and of the organization that manages it.

The manager wanted to clarify first of all that Mark Zuckerberg and partners would not have plans to make money from the information collected through Libra-based activities and the wallet Calibra. It is possible that this will happen in the future, but the company will not take any initiative in this regard without first having received the necessary consent from the control authorities.

Secondly, Calibra will only be supported by the applications that belong to Menlo Park, so let's talk about solutions like Facebook Messenger is Whatsapp. However, the company will not require any commission for deposits and payments, the strategy for monetization would instead be based on the more traditional advertising market.

In Marcus's opinion, Libra will facilitate and intensify online monetary exchanges on a global basis, in particular in favor of electronic commerce platforms. The owners of the latter will therefore be encouraged to invest in online advertising and Facebook, one of the largest operators in the sector, can only benefit from it.

As for the Libra Association, which includes 27 other companies in addition to Menlo Park itself, Marcus wanted to remember that all the entities that are part of it have the same decision-making power. The decision to establish its headquarters in Switzerland would not have been dictated by the desire to circumvent the US currency laws, but by the fact that this nation has long been welcoming some of the world's leading credit institutions.

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