Facebook's David Marcus Is So Confident In The Crypto That He Would Receive 100% Salary In Libra

    David Marcus has been defending Libra and Facebook’s cryptocurrency project during a Senate Banking Committee hearing today July 16. One of the things Marcus said is that he would accept 100 percent of his salary in Libra.

    • David Marcus would accept all of his salary in Libra
    • He has also defended Facebook’s crypto project

    David Marcus, the head of Facebook’s blockchain project Libra and crypto wallet Calibra, said that he would be open to receive 100% of its salary in Libra. He said that during a Senate Banking Committee hearing on the project Facebook is currently working on.

    David Marcus Would Accept His Salary In Libra

    During the Senate Banking hearing on Facebook’s Libra, Sen. Sherrod Brown asked Mr. Marcus whether he would have exposure to the virtual currency that Facebook wants to create. Clearly, Marcus that has been working on Facebook’s crypto project for a long period of time explained that he would even accept all his compensation in the new cryptocurrency.

    According to CoinDesk, this is what Mr. Sherrod Brown from Ohio asked:

    “You really think people should trust you with their hard-earned money, I think it’s delusional. […] Will you accept all of your compensation in that new currency?”

    Marcus answered by saying that the new cryptocurrency that they are working on is backed 1:1 by a reserve currency. Libra is expected to be backed by the U.S. dollar, the British pound, the euro, and the Japanese yen. The intention is to create a new digital asset that would allow individuals to make transactions in an easy way and for no fee.

    Although he was not fast enough to say that he would be placing all his funds on this digital asset after a lawmaker pressed him about this issue he finally said that he would certainly place 100 percent of his salary on Libra.

    During the hearing, many issues were discussed, including who is going to be involved in the blockchain network behind Libra. There are going to be several firms protecting the network and participating in it. However, there is no information about the roles that they are going to be playing in the future once this network is released.

    Marcus has also talked about consumer protection and that users would be subject to the provider’s terms and conditions while using an application related to Libra. However, many of the present officials were very reluctant to believe that Calibra is not going to be sharing information with other third parties. In the past, Facebook has been affected by many privacy issues that affected users all over the world.

    The main intention is for Calibra to be compliant with the U.S. Financial Crimes Enforcement Network (FinCEN). It is worth mentioning that one of the steps that Facebook is planning to take in order to make sure that everything works properly is an Anti-Money Laundering (AML) program.

    On July 17, lawmakers in the United States House of Representatives are going to be holding a similar hearing in the Financial Services Committee. The main intention is to regulate Libra and reduce its impact on the market.

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    Carl T
    Carl T
    Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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