Libra Co-creator and the head economist at Calibra Christian Catalini confirmed that users’ social media data and financial data would always remain separate. Facebook has been facing criticism from authorities all over the world as the social media giant has a lousy track record for keeping their users’ data safe.
Advertisement based model to make profits.
According to the Computer World report, The Libra co-creator said that there will be measures in place, from encryption to access control, to ensure that data does not get linked. He also added that from Facebook’s perspective, the idea is to show more ads to sell more ads that would generate revenue for them.
Facebook will not force users to use its Calibra wallet.
Catalini also revealed that Facebook does not plan on forcing Libra coin holders to use its Calibra digital wallet. The social media giant would allow competing wallets to store the cryptocurrency. Data privacy will be another metric on which Calibra will compete to win users, he added.
However, Libra is facing scrutiny from regulators all over the world. The initial plan of Facebook was to launch its cryptocurrency next year, but with so much regulatory uncertainty, it is likely that the launch of Libra might not happen as planned by the social media giant.
