Facebook hearing: cryptocurrency Libra should only be used for its own ecosystem

After the U.S. government became more and more nervous about Facebook's (Libra) cryptocurrency, the first steps were taken. The boss at Calibra, the wallet for Libra, had to answer the questions of the Senate Committee for Banks yesterday. We have summarized what came out of it for you.

Crypto wallet for Whatsapp and Facebook

For clarification: Libra is Facebook's planned cryptocurrency while Calibra called the digital exchange for cryptocurrencies. Calibra is also the name of the subsidiary that was founded by Facebook for this project. After much about Libra and their Influence on global economyt was discussed, those responsible at Calibra had to answer the questions of the Senate Committee for Banks in the USA. When asked the legitimate question whether Facebook can be trusted in this area, David Marcus replied:

You won't have to trust Facebook.

He's not wrong about that Libra Association consists of 28 members - and Facebook is just one of them.

According to the Calibra boss, Facebook will not integrate any other wallets into their ecosystem. However, it should offer the possibility of sending cryptocurrencies to external wallets. So that means that Calibra will be the only supported wallet for Facebook and Whatsapp.

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Another one Point of criticism is the registration of the Calibra Headquarters in Switzerland. Critics say Facebook did this to escape US regulations. But David Marcus testified that this move was made because of many others Banks for international payments are at home. Facebook is aware that you have to adhere to the US guidelines.

According to Marcus, there are no plans Do not monetize user data directly to want. Let's leave it like this ... How much was invested in the Libra and Calibra projectsMarcus didn't reveal.

According to official information from the press release shall Calibra for Whatsapp and Facebook, as well as be available with its own app. In the future, additional functions such as direct Pay an invoice at the push of a button to be added. Public transport should also be able to be paid for in the future using Calibra.

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