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The head of Facebook's Calibra, the entity created by Facebook to provide financial services, including a digital wallet intended for cryptocurrency Libra, said in response to authorities' claims that the project was threatening the monetary sovereignty of nations.
In one Twitter feed On Monday, David Marcus, co-founder of Libra, said he wanted to "demystify" this notion, defended notably by the French Minister of Economy and Finance, Bruno Le Maire.
The Mayor said last Thursday that, with Libya, "the monetary sovereignty of states is under the threat of states", and threatens to block the development of the project in the EU.
Marcus said that Libra would be "1: 1 sustained by a basket of strong currencies, which means that for a Libyan unit to exist, there must be an equivalent value in its reserve." Libya will not create new money, and this function will remain "strictly the responsibility of sovereign nations," he said.
The Calibra chief further stated that Libra was designed to be a "better" payment network using national currencies and "bringing significant value to consumers around the world".
Marcus, however, welcomed the attention of regulators:
"We believe that strict regulatory control preventing the Libra Association from deviating from its full commitment to 1: 1 support is desirable."
His comments come as a group of 26 central banks – including the European Central Bank, the US Federal Reserve and the Bank of England – meet in Switzerland to discuss the scope and design of the project with the Association. Libra.
In line, Marcus is also committed to continuing to work with "central banks, regulators and legislators to ensure that we address their concerns through Libra's design and operations."
David Marcus image via CoinDesk archives
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