The director of Facebook Financial, David Marcus, has asked international monetary regulators to give his cryptocurrency “the benefit of the doubt,” citing the company’s moves to collaborate with other companies and not restrict its use only to users of their social networks.
Thus, within the framework of the Singapore FinTech Festival, Marcus pointed out that the company has opened the use of the future currency to users outside of WhatsApp and Facebook Messenger by entering into a consortium with other companies, sharing the fruit of investing “a considerable amount of resources on it. ”
In this sense, the head of Facebook Financial has assured that the measures carried out involve “tying one or both hands behind the back” when competing with rivals in the market. As such, Marcus believes that regulators must provide them with “the benefit of the doubt when it comes to our intentions and what we want to do.”
The cryptocurrency, which was presented in 2019 under the name Libra, has been met from the outset with the suspicions of regulators, both for what it can assume at the level of financial stability and for its possible use to launder money , as well as by the concentration in a single company of the monetary resources together with the enormous amount of personal data that Facebook treasures.
The technology company has been taking steps back in recent months to try to secure approval. In addition to backing its cryptocurrencies in a single national currency and opening up more to potential competition, the name of Libra was changed to Diem and the digital wallet project Calibra to Novi.