Facebook’s cryptocurrency endeavor has been under quite the heat from regulatory bodies around the world, as they continue to ponder upon the threat it poses to user’s data. Recently Calibra CEO David Marcus addressed the worldwide scrutiny that Libra has been subject to.
Things have been rather quiet with Libra after the October 23rd hearing, where a group of lawmakers grilled Facebook CEO, Mark Zuckerberg, for six hours over the concerns that they harbored for the stablecoin project. Now after almost two weeks, the head of project Libra’s cryptocurrency wallet Calibra, spoke at the New York Times Dealbook Conference in New York City trying to defuse some of the hesitations regarding the project.
Marcus sat down with the New York Times and CNBC for an interview on October 6th to discuss the fate of Libra and Calibra. While responding to a question raised by the audience regarding the protection of user data on both the platforms, Facebook and Calibra, he ensured that data protection and maintaining privacy are of utmost importance for the platforms.
He clearly said that neither of the platforms in question would intermingle personal data from the social media platform nor the financial data available on the cryptocurrency wallet. He further emphasized that both Facebook and Calibra will function in independent capacities.
Moreover, he went on to explain that the platforms have robust firewalls built in between the two, which will ensure they work in such a way that Calibra will not have access to any information about a particular user on Facebook.
We have built very strong firewalls between Calibra and Facebook in such a way that if you’re on the Facebook side, no one can have access to that data.
In addition to that Marcus earnestly shared that the Calibra team is exploring if the separation between itself and Facebook could in any way be audited so as to prove his claim of them being separate. He said:
Calibra will investigate if the degree of autonomy between Facebook and Calibra could be audited, as that will ensure that a third-party is validating it.
He believes that an audit will go a long way when it comes to garnering the trust of regulatory authorities around the world, as data privacy is their main concern with the social media giant’s project. Furthermore, Marcus shared that the scrutiny, which Libra is under was anticipated as the team was braced for a strong regulatory pushback, as the design itself “is not trivial”. He added that it requires time and interest to be truly understood.