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Libra Means More Corporate Power

3 min reading
Facebook Tries to Save Libra's Reputation

On Tuesday, July 16, a Senate Banking Committee meeting was held regarding the Facebook cryptocurrency project, Libra. The session was attended, among others, by a co-founder of Libra and by Senators of the Republican and Democratic Party.

Another way to control Facebook

Libra is a recipe for greater corporate power over markets and consumers.
Such words could be heard from an American senator of the Banking Committee, Sherrod Brown, in the official video of NowThis News published on Twitter on July 16, an hour after the Senate meeting. Brown highlighted the fact Facebook is currently an enormously powerful tool. Because of that, the social network can force people (especially companies) to use Libra and make users even more dependent on it:
What happens when Facebook forces companies to give up a credit card or debit card? You may be forced to use new, Facebook monopolized money. What about the owners of small businesses forced to use Libra or to lose access to millions of Facebook users?
Having being questioned, Brown reported to the press that he hopes for a comprehensive privacy law. The law should protect users from significant technology companies such as Facebook.

America full of doubts

Brown is not the only one who is distrustful of the new Facebook cryptocurrency. Mark Warner, the Senator of Virginia, stated during the session that Facebook did not prevent people from worrying that Libra will eliminate competition.
Meanwhile, John Kennedy, the Republican senator, mentioned Facebook's turbulent past, concerning, among other things, personal data violations.
The Senate Banking Committee interrogated David Marcus, a co-founder of Libra, as well. Marcus repeated his previous statement that Facebook is just one of the 28 companies that work on the Libra project. He added:
I know that winning people's trust may take a very long time.
In his official statement, Marcus also stated:
Facebook will not offer a new digital currency until we fully deal with regulatory issues and we have the necessary permits.
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