Facebook has hit some rough waters ever since setting off on its maiden crypto voyage, but its captain aims to right the Libra ship.
Speaking with Nikkei Asian Review earlier today, Facebook CEO Mark Zuckerberg once again admitted that Facebook has dropped the ball when it comes to protecting its users. He said his company hasn’t done enough to protect users’ privacy, nor has it ensured “users’ well-being” or prevented “election interference.”
With that in mind, Zuckerberg said he understands that there are still many concerns surrounding Facebook’s digital currency project, Libra, and he’s pushing for an ongoing dialogue with regulators to see that these worries are addressed and eventually settled.
“A lot of people have had questions and concerns, and we’re committed to making sure that we work through all of those before moving forward,” Zuckerberg told Nikkei Asian Review. “Obviously, we want to move forward at some point soon… but right now, I’m really focused on making sure that we do this well.”
Zuckerberg described Libra as a tool to “help people in emerging economies participate in the financial system.” The digital currency will supposedly resemble a stablecoin, backed by several forms of fiat, including U.S. dollars, the euro and the Singapore dollar.
While David Marcus, the head of Facebook’s blockchain division and co-creator of Libra, has time and again assured global leaders that Libra is not a threat for sovereign currencies, nations such as France and Germany believe otherwise. In fact, Germany Finance Minister Olaf Scholz told Reuters that the creation of new currencies is a responsibility in the hands of states, not “private companies.”
And while regulators and international leaders have shown opposition towards Libra, the general public isn’t too fond of Facebook at the moment either. Trust in Facebook is down considerably, following Facebook’s ties to Cambridge Analytica in 2018, according to a survey by the Ponemon Institute. And this distrust could potentially affect Libra’s future as well.
A survey conducted last July by messaging app Viber suggests that less than 3 percent of Facebook account holders would be willing to use Libra.