The Facebook CEO, Mark Zuckerberg recently addressed regulatory and customer identification worries that were voiced by the social network’s employees over the upcoming stablecoin, Libra.

Leaked comments from an internal Facebook meeting suggest that Zuckerberg acknowledged Libra has a lot of criticism from the public. Despite this, he says that it’s been pretty simple behind the scenes. 

“The public things, I think, tend to be a little more dramatic,” Zuckerberg said, according to The Verge, which published a transcript of the meeting on Tuesday. “But a bigger part of it is private engagement with regulators around the world, and those, I think, often are more substantive and less dramatic.”

The main concerns regulators have for libra is that of illicit uses. with this, Zuckerberg moved onto talk about know-your-customer (KYC) verification for the new payment network. The CEO said Calibra is going to need to prove itself and its users’ identities.

Zuckerberg said:

“We already focus a lot on real identity, across especially Facebook, so there’s even more that we need to do in order to have this kind of a product.”

Libra co-creator David Marcus spoke before Congress a few weeks ago to which he said:

“There’s a lot of important issues that need to be dealt with in preventing money laundering, preventing financing of terrorists and people who the different governments say you can’t do business with.”

Perhaps indicating a change of stance PR disasters like the Cambridge Analytica scandal, Zuckerberg said the firm will is taking a more open approach to new initiatives.

He finished off saying “but part of what we’re trying to do overall on these big projects now that touch very socially important aspects of society is have a more consultative approach.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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