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Libra: Facebook emphasizes compatibility with US law

In may, the Finance Committee of the US Senate came up with some questions to Libra. For this purpose, responses from the company are now available. According t

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Libra: Facebook emphasizes compatibility with US law

In may, the Finance Committee of the US Senate came up with some questions to Libra. For this purpose, responses from the company are now available. According to Libra-in-chief David Marcus no concerns about privacy and security of user data.

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With its ambitions, its own currency, threatening Facebook's Libra, the global financial market stability, as well as the US Central Bank's policy alike. Five U.S. congressmen had justified the call for a Moratorium on the development of Facebook's Project Libra, a new Blockchain-based crypto-currency. We reported on it.

Already in the run-up to the Finance Committee of the U.S. had formulated-Senate in addition, a number of questions to Libra; answers of Libra-in-chief, David Marcus are now available.

privacy concerns

The members of the Finance Committee wanted to know about, as it was ordered to the privacy of the users. Is Facebook the financial data of its Users to use and for example for so-called Ad Targeting, targeted advertising? The answer is:

Similar to already existing crypto-currencies such as Bitcoin and Ethereum, are transactions on the Libra-Blockchain pseudonym [...]. The Association will not be involved in the transaction processing and the user's personal data store [...]. Facebook uses payment information for personalized advertising.

in Addition, Libra is an Open Source project. Third-party be free to program the Second Layer Software, such as Wallets. Compliance with regulatory requirements such as the protection of personal data was the responsibility of then, not in Facebook, but in the case of the Software providers.

Furthermore, Marcus emphasizes, once again, the fair intentions of the company for the Launch of its own Cryptocurrency:

Libra is a great idea. Our goal is to create a cost-effective and secure way to send money efficiently around the world. The Libra Association will work with regulators to ensure that the new Ecosystem creates value and protects customers.

Also have a Facebook with no direct access to the transaction data but with a subsidiary called Facebook Payments Inc. This, says Marcus, has the necessary license to operate financial transactions. Data acquired by the company, don't use it for personalized advertising.

Facebook only "one of many"?

Meanwhile, Marcus emphasizes, once again, the supposedly decentralised structure of Project Libra:

transactions on the Libra Blockchain by Validator Nodes [this is Libra-nodes, which is verified by the Partner, such as Master Card, and Uber, to operate]. The degree of privacy is determined by a third-party Wallet providers.

Only if statutory provisions, such as the support of law enforcement, disclosure of Account-provides information, not disclose to any Calibra, it is to be understood as a representation of Facebook in Libra, and user data.

A hearing on the matter in the competent Finance Committee is scheduled for 16. July planned. The response letter from David Marcus in the full text can be found here.

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