- The Libra Association, a membership organization of several companies specializing in various associated platforms will be managing and monitoring the project, currency, and transactions.
- Facebook plans to allow its users to Execute Financial Transactions through Libra via the Calibra digital wallet.
- McAfee added that Libra can be associated as a digital identification platform used to monitor daily transactions of the users.
Libra is a blockchain cryptocurrency to be built up by the web-based media “Facebook”. Since only the rudimentary experimental code has been released, The currency and network itself do not yet exist. The launch of this new initiative is proposed to be in the year 2020.
The Libra Association, a membership organization of several companies specializing in various associated platforms will be managing and monitoring the project, currency, and transactions.
The plan is for the Libra token to be backed by financial assets in a measure to avoid volatility. The company has announced that each of its partners will invest an initial US$10 million to provide full asset backing on the day Libra opens.
Facebook plans to allow its users to execute financial transactions through Libra via the Calibra digital wallet. Politicians from US parties acknowledge Libra as an asset, though the founder claims the platform to be similar to payment platforms like Paypal, Coindesk, etc.
John David McAfee is a software engineer and the mind behind the product organization McAfee Associates. McAfee was recognized as the first commercial antivirus software, The company was purchased by Intel in 2011 and taken back in 2017 with TPG Capital, where presently it produces a range of commercial security software.
In an interview, recently, McAfee stated that platforms like Libra misrepresented the original intent behind cryptocurrencies, i.e economic freedom.
McAfee added that Libra can be associated as a digital identification platform used to monitor daily transactions of the users. He went on stating the importance of Privacy in an individual’s day-to-day life and how the same should not be made vulnerable by giving Government institutions and other private institutions control over the same.
Apart from that, he ensured to spread awareness during his Presidential Campaign about the dark sides of fiat currencies which aims to enslave its users. However, he also opined the inability of an individual sitting in the President’s position to have control on such matters in the present days.
Another significant note on Libra’s privacy issue was underlined when Data privacy commissioners, in a joint statement published by the U.K. Information Commissioner’s Office (ICO), shared concerns with respect to Facebook’s failure to disclose procedures related protection of personal information.
Given their fast track move on launching the platform, the organization, they are responsible to disclose such information. The privacy commissioner has prepared a list of questions to be addressed by Facebook, in relation to information relating to how Libra utilizes the information of its users for various purposes and to ensure that the platform avoids using dark patterns to allow people to disclose information to third parties.
The point to be highlighted
Privacy becomes a fundamental aspect of any individual. Each country guarantees this natural right to its citizens who abide by their laws.
Thus platforms like Libra, which have the ability to handle enormous extents of personal information must be strictly monitored by the appropriate authorities to ensure that the above-mentioned privacy rights are being protected. Unless and until such stringent measures are adopted, an organization’s like Facebook will have control on the personal life of its users.
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