Calibra Head David Marcus Declares Libra as the Most Secure Payment Network
David Marcus, Head of Calibra, the digital wallet for Facebook's Libra stablecoin explained at Money 20/20 conference in Las Vegas about how the network aims to transform the traditional payments industry.
Marcus claimed that anti-money laundering (AML) standards of Libra will be more substantial and secure than any other payment network. He added:
“We also designed Libra in such a way that any wallet can participate as long as KYC and AML requirements are met. It was designed to be competitive, but we still need to earn people’s trust over time to use Calibra.”
Marcus also stated that AML is an important factor to be addressed, saying that the efficacy of sanction enforcing can be much higher on Libra than other payments networks due to its digital to digital nature rather than relying on cash.
In light of the recent G7 report, Marcus disagrees with the fact opinion that stablecoins pose threats to national monetary policies. He noted tha stablecoins would only be a threat if stablecoins involved money creation, which Libra does not. “With Libra, there is no money creation; we have a full one to one back reserve, there is no money creation whatsoever,” said Marcus.
In regards to concern about Facebook’s previous data breach scandal involving Cambridge Analytica, Marcus reiterated that there is a “data separation between Facebook and Libra.” Marcus concluded: “Moving money around the world with WhatsApp and Messenger is what will bring real value on a day to day basis.”
Image via the Financial Times