Facebook’s Libra cryptocurrency has once again made headlines today with a leaked meeting note. The meeting was supposedly about Libra’s customer identification and regulatory concerns put forth by Facebook employees. This leaked note goes on to reflect the company’s increasing preparations towards Libra cryptocurrency.
The closely guarded meeting comes in the backdrop of a recent event that saw lawmakers questioning the chief of Calibra, David Marcus. Zuckerberg admitted the fact that Libra cryptocurrency has garnered unnecessarily negative publicity before launch. However, he said that Libra is pretty straightforward in its implementation, though.
He added that public opinion has been pretty dramatic, especially when it came to government regulations. The transcript of the meeting also reflects how the company is fairing with the regulators across the world and working with them to address their specific concerns. It mentions how their attitude is less dramatic and more substantive.
KYC of Facebook’s Libra cryptocurrency discussed in the meeting
Most government watchdogs are worried about the illicit use of Libra. Thus, in the meeting, ‘Know Your Customer’ (KYC) rules were discussed comprehensively. The firm tasked with developing Libra’s wallet app; Calibra will be working with the Libra Association to undertake comprehensive user identity checks. These verifications will have to be highly detailed to avoid any irregularities.
Mark Zuckerberg says that Facebook already gives importance to identity checks on its network. However, in the case of Libra, the company will have to be even more thorough and launch it with extreme caution. Projects of such magnitude touch various aspects of society, and a consultative approach is warranted.
He was referring to the same issues as pointed out by David Marcus at the Congress hearing and mentioned about terrorism and money laundering concerns. Preventing terrorism finance, illicit activities, and curbing money laundering are topmost concerns for Facebook’s Libra. They also have to navigate around various government sanctions imposed by multiple countries.
The leaked transcript shows how Facebook is working very hard to avoid any pitfalls when it comes to Libra. They sure don’t want another Cambridge Analytica moment right now.