Under sharp criticism from senators, a Facebook executive on Tuesday defended the social network's ambitious plan to create a digital currency and pledged to work with regulators to achieve a system that protects the privacy of users' data. "We know we need to take the time to get this
1 / 3Congress Big TechFILE - This March 28, 2018, file photo shows a Facebook logo at the company's headquarters in Menlo Park, Calif. Facebook’s ambitious plan to create a new financial system based on a digital currency faces questions from lawmakers, as it’s shadowed by negative comments from President Donald Trump, his Treasury secretary and the head of the Federal Reserve.
"Facebook is dangerous," asserted Sen. Sherrod Brown of Ohio, the committee's senior Democrat. Like a toddler playing with matches,"Facebook has burned down the house over and over," he told Marcus."Do you really think people should trust you with their bank accounts and their money?" On the defensive from bursts of aggressive questioning, Facebook's Marcus indicated the currency plan is a work in progress."We will take the time" to ensure the network won't be open to use by criminals and illicit activity like money laundering and financial fraud."We hope that we'll avoid conflicts of interest. We have a lot of work to do," Marcus said.
Story continuesBut some senators emphasized the potential positive benefits of Facebook's plan, meant to bring money transacting at low cost to millions around the globe who don't have bank accounts. Facebook had its strong defenders of the project, too, on the panel.In that vein, Marcus said Libra"is about developing a safe, secure and low-cost way for people to move money efficiently around the world.
To address privacy concerns, Facebook created a nonprofit oversight association, with dozens of partners including PayPal, Uber, Spotify, Visa and MasterCard, to govern Libra. As one among many in the association, Facebook says it won't have any special rights or privileges. It also created a"digital wallet" subsidiary, Calibra, to work on the technology, separately from its main social media business.
"The internet has become increasingly concentrated, less open, and growingly hostile to innovation and entrepreneurship," he said.
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