Libra consulting: sugar mountain, a tool for theft

The digital currency is still before the Start of fraud. Facebook CEO Zuckerberg tried on Wednesday, the 23. October, to explain the future of the payment system.

By Anna Shemyakova
24. October 2019BTC$9.227,29 22.14%part Facebook Twitter LinkedIn xing mail

Six hours as Mark Zuckerberg in front of the members of the Congress. Again and again the question of security, data, crime. And again, the reference to the misuse of data of past years. "Why should we believe you now, Mr Zuckerberg?", members Nydia Velazquez asked.

trust was the Central theme of the hearing – or its abuse. Trust in a System that there is not in this Form. Libra is a Cryptocurrency, however, stable currencies linked to and from the Libra Association monitored, an Organisation with currently 21 partners, including Facebook's Wallet Calibra. to separate

Libra from Facebook, fell to the deputies difficult, Zuckerberg expressed again and again:

We had the idea and not implement it, we monitor the Libra Association. Each Partner has one vote, just like Facebook.

identification for all Wallets?

Zuckerberg said always that we want to separate the financial data is strictly of personal data. Before Calibra starts and it should be after the planned date of mid-2020 – it must meet all of the Standards that are placed on US financial systems. This includes Anti-money laundering and Know-Your-Customer guidelines. But what happens with other Wallets?

We check whether we can act to implement the provisions not only on the individual Wallet, but on the whole of the Libra network,

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Zuckerberg said.

crime such as drug trafficking, terrorist financing or tax evasion, wants to curb Libra thus. And at the same time, Pay and Transfer to be fast, cheap and in all countries possible, without the long times and high fees wait. Zuckerberg stressed to the need for financial inclusion:

More than a billion people have no access to Bank accounts. But you could, if the right System would exist.

10/23/2019 – an Examination of Facebook and Its Impact on the Financial Service... (EventID=110136)

watch This Video on YouTube. the "let your Libra Partner. to commit a theft"

The consultation should help to understand. From dialogs feuds were, members used their five minutes to Facebook for child pornography, electoral fraud or discrimination, without Zuckerberg to the microphone.

Brad Sherman argued in the monologue:

you create a tool for theft – and your business partners. to commit a theft. It should look as if they had designed the Wallets for terrorists and drug dealers there. [...] Tax evaders have the money, not the poor. [...] You don't want to help the poor.

Others have criticized, Zuckerberg create a competition to the US Dollar, whereupon he was allowed time to Express:

The Libra Reserve is to a large part from the U.S. Dollar, the project could be the USA as a financial power forward. The United States must continue to develop, this is risky, but we need to address these risks.

Some deputies detected the risk, in the technological development forward and broke through the criticism. Congressman Andy Barr pointed, meanwhile, to the progress of other countries such as China. He said what tried Facebook chief Zuckerberg probably be six hours long:

We in the Congress, the Potential should be seen as innovation, financial equality create transactions easier and the System for people to be excluded.

for Details on Zuckerberg's speech can be found here.

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