The head of the project company’s Libra Facebook: We’re not Bitcoin, we all surrender to the authorities

The head of the project company’s Libra Facebook: We’re not Bitcoin, we all surrender to the authorities

Head of cryptocurrency project of social networking giant Facebook David Marcus said that Libra will distance themselves from Bitcoin and is going to share information with the authorities, the newspaper reports Cointelegraph Brazil.

Marcus shared information in an interview with Brazilian newspaper Estado de São Paulo, which was published yesterday. He said that Libra project data will be transmitted to the authorities for crime prevention and to ensure legal compliance.

The article also States that Facebook was not originally planning to make a profit from the transaction fees and Libra is going to keep these charges low. However, the company reserves the right to further modify these rules.

Facebook also intends to provide its customers with financial services via wallet Calibra. Kevin Wall, Vice-President of the division also appears in the interview with the statement that the company will offer users and credit services. Marcus does not exclude, that will join the project of traditional banks, he also commented: “Even if we offer the same [banking] services in the future, it will still be better, because in the financial industry will be more competition.”

Company Facebook announced yesterday a Whitepaper cryptocurrency Libra and has launched a test network.

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