The head of Facebook's blockchain division, David Marcus, commented on the opinion voiced by a number of authorities around the world that "Libra may threaten the sovereignty of states in the context of money" on Monday.
Markus argues that Libra is being created as an improved variation of the payment network and a system based on existing currencies. Libra will be provided with a basket of reliable currencies in a ratio of 1 to 1," he writes. - This means that any existing Libra unit must be provided with a backup equivalent. Thus, the new money supply will not be issued, which remains the exclusive privilege of sovereign states.
The Facebook manager also expressed the hope that strict regulatory oversight would prevent Libra from deviating from the value of its reserves due to the actions of the association's project manager.
"We will continue to work with central banks, regulators and legislators to ensure that they have all the answers regarding Libra's design and operations," he added.
Finally, Markus said he expects the project to be fully managed by Libra after ratifying its charter soon, with which he will be able to focus on developing his own Facebook Calibra cryptocurrency wallet.
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