Facebook is famous for its “move fast and break things” ethos. Today, CEO Mark Zuckerberg, however, wants Facebook to “look before you leap”, especially when it comes to virtual reality (VR) and cryptocurrency.
Zuckerberg admitted to Nikkei Asian Review that Facebook hasn’t been as diligent as they needed to be in the progress of ensuring, privacy protection, user well-being assurance, and election interference prevention.
Facebook has seen immense and unprecedented growth in the past decade, and it has also gone through its fair share of scandals and criticism. Zuckerberg suggested that it is essential for Facebook to rebuild the public’s trust in them.
Facebook Faces Skepticism Over Libra Project
Facebook announced this year that it will launch Libra, its own digital currency, in 2020. The project has been met with questions from regulators in many countries regarding its potential effect on the global financial ecosystem. There have also been concerns that Libra would be a threat to state sovereignty and would also enable crime or unlawful terrorism financing.
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In spite of disapproval by regulators worldwide, Facebook is determined to launch Libra in 2020 as planned, head of Libra, David Marcus said on September 20. The company unveiled the project in June this year.
Facebook’s Positive View of Libra
Recently, Marcus told Swiss newspaper NZZ that Libra will be pegged by a reserve of fiat money, bank deposits and short-term government bonds. Libra has also revealed the basket of currencies that would go into its reserves.
Marcus further stated that Libra is unlikely to be used as a means of payment for regular translations in various countries such as Switzerland, Germany, and France. Many of Libra’s most outspoken opponents come from member countries of the European Union.
The chances of Libra being used to pay for a cup of espresso or any similar small purchases is very low, said Marcus.
Marcus did not believe that Libra would interview with monetary administration as it will not create any new money as well as not influencing interest rates or yields. He assured that Facebook’s Calibra digital wallet would benefit vendors and consumers because they can do transactions anywhere around the world.
Facebook has seen immense and unprecedented growth in the past decade, and it has also gone through its fair share of scandals and criticism. Zuckerberg suggested Facebook needs to make sure things first as trust is very important in people.