Right after the Senate Committee Anti-Trust Hearing for Facebook Libra where the head of Calibra wallet David Marcus appeared before the committee, Swiss authorities deny contact with Facebook Libra promoters.
On the other hand, Hugo Wyler does not seem pleased with the step Facebook has taken. Hugo is the head of Communication at the Federal Data Protection and Information Commissioner [FDPIC].
Speaking to CNBC, Hugo told that despite Facebook publicly announcing their plan to hand over the aforementioned department to them, the creators of Libra have not contacted the FDPIC as of yet. Furthermore, the information provided by Facebook isn’t sufficient for things to progress.
David Marcus, head of Facebook’s Calibra (the wallet for Libra) project was not spared for defending Libra in all its claims regarding its working. The Senate Banking Committee’s very own, Senate Sherrod Brown said that Facebook is dangerous.
Facebook wasn’t left alone just after being called a threat. Instead, older accounts were opened, graves un-dug and the social media colossus was told that they’ve had problems in the past. Serious problems as not valuing user privacy. Yes, shots fired indeed. The committee is quite against the idea of Libra as a stable coin.
David Marcus, in his interview, said that we won’t be having to trust Facebook. What he means by that is Facebook will be handing over the privacy works to the Federal Data Protection and Information Commission (FDPIC), Switzerland.
The financial regulator for Libra, according to David Marcus in his hearings, the Swiss Financial Markets Supervisory Authority (FINMA) Switzerland, would be held responsible for financial regulatory acts for anything concerning Libra. The regulatory body also confirmed this move.
This was later confirmed by the head of the Calibra branch at Facebook. Things don’t look good for Facebook right from the start and this is only adding to their problems. With a not good enough plan that’s been chalked out and the stigma of user privacy being a mere component to be used: the controversies grow deep.