After much deliberation regarding Facebook Coin, Mark Zuckerberg, the CEO and founder of the social media platform, is asking users to trust the company to “keep their money safe.”
Facebook Is Focused on Privacy and Safety
He is busy asserting Facebook’s privacy concerns and is telling users that they need not worry, as the Libra Network will keep everyone’s financial information secure. A segment of the present Libra user agreement states the following:
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 the 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.
Zuckerberg is likely addressing these concerns because of last year’s hit-and-run with Cambridge Analytica, a scandal that has arguably rocked the reputation once held by the social media company. Zuckerberg was grilled by Senate members when it was discovered that his company had been selling the private data of customers to third parties for advertising purposes without their knowledge or consent. Facebook lost several users following the news.
Zuckerberg has stated that Facebook is now looking to take a far more private approach, and that the Libra Network is an important step in that direction. He comments:
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.
Info Will Only Be Used for Legal Purposes
What it appears to come down to is that Facebook will not use people’s financial information for advertising purposes, but the company may use it to comply with specific legislation and regulatory maneuvers. The terms and conditions of Libra say:
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.