It was recently reported that the U.S Senate has requested the presence of Facebook executives as regards their latest crypto project—Libra. The meeting was fixed for 16th July 2019.
Marcus David is In Charge of Libra
Reportedly, Marcus David, the Head of the Libra Association, will be representing the firm at the meeting. Marcus David was also the President of one of the largest payment platform in the world, PayPal.
Meanwhile, David has shared a written version of the testimony he plans on delivering to the Senate tomorrow on the government website.
Using the testimony, David explains facebook’s plan for Libra.
He also spoke on his previous role as the president of a leading centralised payment platform— PayPal and the effect that will have on Libra.
Going forward he laid emphasis on Libra’s utility and its viability.
He wrote:
Libra is about developing a safe, secure, and low-cost way for people to move money efficiently around the world.
He also added:
“In fact, I expect that this will be the broadest, most extensive, and most careful pre-launch oversight by regulators and central banks in FinTech’s history.”
Furthermore, he mentioned that Libra would work with the Governments and that “monetary policy is properly the province of central banks.”
Libra Will Work Like a Central Bank
Going by his testimony, Libra’s structure will copy that of a central bank. A Libra Reserve will be involved, as well as a Libra Association, and the transactions would be conducted on the blockchain.
He said:
Libra brings together attributes of the world’s best currencies: stability, low inflation, wide usability, and fungibility.
He also stressed that the cryptocurrency wouldn’t be in competition with functions of the sovereign Central Banks in any country.
Although the coin will be backed by several currencies, these currency reserves will be distributed all around the world, under the watchful eyes of regulated custodians.
“The assets in the Libra Reserve will be held by a geographically distributed network of regulated custodians with investment-grade credit ratings to provide high audibility.” He said
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