Facebook defends Libra comparing it some of the ‘most meaningful innovations’ of our time — lol
David Marcus, Facebook’s Libra lead, has defended the technology giant’s ‘Cryptocurrency’ project saying “the most meaningful innovations that have changed the lives of millions across the world in a profound way have always been met with damning headlines.”
Marcus was speaking at Money 20/20, an industry conference held in Las Vegas, in a bid to provide some insight into how Libra seeks to improve traditional payment rails by offering a novel, and secure way, of moving money.
To make his point, Marcus resorted to examples including the internet, electricity, mobile phones, and smartphones noting that like them, Libra also has the potential to “change the direction of the world.”
“These headlines are a preamble to more hard times ahead and we must govern the network into a place where it will meet regulatory standards, then we will see the network come to life. People deserve much better than they have,” Marcus said.
“It is all about the people and we believe that there is still no network that is truly global and opens doors to people all over the world,” he added.
“With Libra, there is no money creation; we have a full one to one back reserve, there is no money creation whatsoever,” Marcus highlighted, adding, “We also designed Libra in such a way so that any wallet can participate as long as KYC and AML requirements are met. It was de