Facebook’s David Marcus Defends Libra, Says The Digital Currency Will Be Completely Decentralized

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The Problem With Libra in the Eyes of Cryptocurrency Traders and Investors
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In a new blog post released, addressing issues about Libra coin on July 3, 2019, David Marcus, Head of Calibra at Facebook addresses certain issues and doubts that have risen since Facebook introduced its official currency – the Libra coin two weeks back.

Facebook Isolates Itself From Libra Coin

ZyCrypto has earlier reported on the impending launch of one of the most controversial cryptocurrencies on the planet, the Facebook Libra coin.

As noted in the released white paper of the project, Facebook had reiterated that the project would be headed by a group of multinational organizations – the Libra Association.

However, in Marcus’s latest post, he assures the community the project won’t be in control of anyone ie. Libra will be an open source blockchain project.

Marcus continues to address the community on the cryptocurrencies purpose. He mentioned that Libra’s main focus was to give the unbanked citizens in developing countries a means to send and receive money globally instead of the highly expensive option, which is the present financial system, Marcus says.

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It is however surprising that Marcus, who took his time to explain how decentralized the project will be from its founding members also said the Libra Association will “engage proactively and openly” with the authorities on transactions on the Libra blockchain as a measure to fight money laundering, terrorism financing, among others.

U.S. Congress Fears Libra coin will overthrow the dollar; Halts The Libra Project

As shared by Anthony Pompliano, Pomp for short, a letter by the U.S. reps was sent from Washington D.C., directed to Facebook’s CEO, Mark Zuckerberg, and two others, instructing the Libra project comes to a halt.

The Reps had addressed concerns about the Libra Project, saying it’s an “entirely new global financial system that is based out of Switzerland.” The Reps fear that the Libra coin will rival the U.S. Monetary Policy, and will also be a threat to the dollar.

However, in the coming weeks, Congress will meet with the team to examine issues which they say may affect the global financial system.


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