Popular social media icon and Facebook CEO, Mark Zuckerberg has vowed that his company’s proposed new digital wallet, Calibra, and Libra cryptocurrency will not put user’s cash or privacy at risk.
Mark’s promise is happening after Facebook edges closer to 24 months of almost-endless privacy and governance controversies, which includes the Cambridge Analytica data breach, a goof that played a pivotal role in electoral disinformation, and the revelation of its data-sharing agreements with Chinese smartphone manufacturers.
Facebook unveiled its fresh cryptocurrency, Libra, and a payment service named Calibra yesterday.
This new payment service, Calibra is a Facebook subsidiary that will start by offering a digital wallet application that will be integrated with WhatsApp and Facebook Messenger but will end up branching out into other services.
Libra, on the otherhand, is the fresh cryptocurrency that is more like a joint work instead of a Facebook-owned project.
Yesterday, Facebook also disclosed investment partners like Spotify and eBay who will assist in governing and keeping the currency afloat.
Mark Zuckerberg shared on Facebook that Calibra will undergo the same regulation as other payment providers and “any information you share with Calibra will be kept separate from information you share on Facebook.”
He added that Libra and Calibra are important projects to ensure Facebook is as privacy-focused as possible.
His words, “This is an important part of our vision for a privacy-focused social platform where you can interact in all the ways you’d want privately, from messaging to secure payments.”
“Privacy and safety will be built into every step. For example, Calibra will have a dedicated team of experts in risk management focused on preventing people from using Calibra for fraudulent purposes. We’ll provide fraud protection so if you lose your Libra coins, we’ll offer refunds. We also believe it’s important for people to have choices so you’ll have the options to use many other third-party wallets on the Libra network.”
A statement from Facebook read, “Aside from limited cases, Calibra will not share account information or financial data with Facebook, Inc. or any third party without customer consent. For example, Calibra customers’ account information and financial data will not be used to improve ad targeting on Facebook, Inc. family of products.
“The limited cases where this data may be shared reflect our need to keep people safe, comply with the law, and provide basic functionality to the people who use Calibra.”
“Calibra will use aggregated Facebook, Inc. data that is not linked to your Calibra account to improve the Calibra product. For example, we may use Facebook, Inc. data to see which regions have broader internet adoption.
“Calibra will use customer data to facilitate and improve the Calibra product experience, market Calibra products, and services, comply with legal and regulatory obligations, and ensure safety, security, and integrity. We may also use customer data to conduct research projects related to financial inclusion and economic opportunity with, for example, academic institutions and NGOs, though any published results will only contain aggregated statistics.”