Facebook still does not know if it will allow banned users to transact using its digital currency, Libra, when it eventually launches.
David Marcus is CEO of Facebook’s newly created Calibra subsidiary, which focuses on financial services to provide access to the new cryptocurrency. Marcus said at a House Financial Services Committee hearing that the California-based tech giant had not “written a policy yet” and he did not know if banned individuals including Minister Louis Farrakhan and
former Breitbart editor Milo Yiannopoulos would be allowed to use it.
During the hearing entitled “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System,” Rep. Sean Duffy (R-WI) held up a $20 bill and asked Marcus, “Who can use this? Who can use Libra?”
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Marcus responded by referring to “thoughtful” and “appropriate” regulations for the cryptocurrency.
“So anyone that can open a Calibra account, go through KYC (Know Your Customer) in countries where we can operate,” he answered.
This technically means that Facebook could still prevent users from opening a Calibra account and essentially dictate who is allowed to use Libra, according to Reclaim The Net.
“The thoughtful answer would be, ‘As long as you abide by the law, you can use Libra,’ but that isn’t the answer you’ve given me, which gives me great pause,” Duffy responded.
Facebook wants to be seen as a neutral platform despite its vested interest that has alienated a number of its users and advertisers.
