Highlights from Facebook’s Libra Senate hearing

TechCrunch | 7/16/2019 | Staff
samtetley (Posted by) Level 3
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Facebook will only build its own Calibra cryptocurrency wallet into Messenger and Whatsapp, and will refuse to embed competing wallets, the head of Calibra David Marcus told the Senate Banking Committee today. Calibra will be interoperable so users can send money back and forth with other wallets, and Marcus committed to data portability so users can switch entirely to a competitor. But solely embedding Facebook’s own wallet into its leading messaging apps could give the company a sizable advantage over banks, PayPal, Coinbase, or any other potential wallet developer.

Other highlights from the “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations” hearing included Marcus saying:

Intention - Calibra - User - Data - Services

It is “not the intention at all” for Calibra to sell or directly monetize user data directly, though if it offered additional financial services in partnership with other financial organizations it would ask consent to use their data specifically for those purposes.

But Marcus also didn’t clearly answer some critical questions about Libra and Calibra.

Chairman - Crapo - Facebook - Data

Chairman Crapo asked if Facebook would collect data about...
(Excerpt) Read more at: TechCrunch
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