Wednesday 2 October 2019 11:54 am

'Calling BS': Libra co-founder hits out at secrecy claims

The co-creator of Facebook’s new cryptocurrency has hit out at claims that the organisation did not share detailed information on how to tackle crime with its members.

David Marcus, a Facebook executive who is overseeing the Libra project, said he was “calling BS” [bullshit] on claims in the Wall Street Journal that Libra kept information from members.

Read more: Forget what you’ve heard, Facebook’s libra can help in the fight against money laundering

“Suggesting we weren’t on top of, or didn’t share detailed information about how to secure Libra and protect the network against illegal activity is categorically untrue,” he said in response to an article in the Wall Street Journal.

The newspaper reported that Visa and Mastercard, two key partners in the project are reassessing their involvement after regulators pushed back.

Facebook and its backers are set to meet tomorrow to discuss the project in Washington DC.

Bloomberg also reported that Paypal and Stripe are undecided about formally signing up to the service.

The group plans to launch its currency in June next year. However global scepticism could threaten the plans, especially if partners start pulling out.

Read more: Is Facebook’s libra a step towards the legitimisation of crypto?

“The tone of some of this reporting suggests angst, etc… I can tell you that we’re very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront,” Marcus said on Twitter.

He promised that the first wave of Libra members will be formalised in “the weeks to come”.

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