- 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.