At the hearing on the topic "Reviewing Facebook's cryptocurrency and its data privacy," Libra's head, David Marcus, avoided some of the sharp questions.
According to Techcrunch, Libra leader David Marcus avoided the following questions at a hearing entitled "Reviewing cryptocurrencies proposed by Facebook and its data privacy":
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Mike Crapo, Chairman of the Senate Bank, Housing and Urban Affairs Committee, asked: Will Facebook collect data from the Facebook port to the shopping page via Calibra? For example, when a user discovers a favorite product through a Facebook page and conducts a transaction through a Calibra wallet, will the data be collected?
Libra's head, Marcus, only mentioned that Facebook offers users a variety of options for payment channels, such as credit cards, debit cards, other wallets, and Calibra wallets. This may mean that even if Facebook doesn't know how many assets or transaction records are in a user's Calibra wallet, it may be able to get the amount of user payments and the amount of transactions that take place on Facebook and its social networking sites.
Senator Till asked: "How much money did Facebook invest in building the Libra project in Libra?"
Marcus did not answer the question positively. He said: "Facebook and Calibra have not clearly planned how much money will be invested in the project.
When Senator Toomey asked: "If the Libra Libra Committee pays interest to members, why is it considered a non-profit organization." Marcus also did not respond positively.
Senator Menendez: "If you find that terrorist organizations are transferring money through the Libra Libra system, will the Libra committee of Libra freeze their assets?"
According to Marcus, Calibra and the wallet that stores the user's cryptocurrency Libra Libra can do this and prevent them from converting Libra Libra into French currency. However, it is not mentioned that the Libra Libra Committee may not be able to prevent terrorist organizations from transferring assets through non-custodial wallets.
Senator Sinema asked: "If a Pakistani developer steals an Arizona cryptocurrency Libra through the Thai exchange and the Spanish wallet, does the US citizen have the right to protection and compensation?"
Marcus responded: "U.S. citizens can use the Libra Libra wallet protected by the United States. The Libra Libra Committee will also try to spread the word to avoid being deceived. But Sinema believes: "If Libra is set up to help those with lower education, Groups with low incomes enter the financial system, and they are more likely to be affected by fraudsters. ”
Source: Financial Network · Chain Finance