Support for Libra may corrode the approach for Facebook’s new ‘Principle First’

Written by Ashmita Ghimire

February 9, 2020

The CEO of Facebook Mark Zuckerberg speaking at the Silicon Slopes Tech Summit 2020 in Salt Lake City, Utah said that the company would stand for its principles, regardless of whether annoy a host of people or not. Could this stance change how people view Libra?

CEO has now taken the reigns off completely The company will simply allow freedom of expression without verification for advertisers. The shift will likely rile a host of political feathers, but he doesn’t seem to care. Much of the debate centered around whether Facebook should independently verify news stories before allowing ads to run them. Therefore, the company had spent the better part of the current administration hotly debating how political ads should be regulated. The international payment platform, a centralized stablecoin built within Facebook, has already faced legislative scrutiny as a international platform.Many lawmakers have called for a complete denial of the coin, citing the dangers of money laundering and terrorism.

CEO had seemed to be courting the Congressional decision-makers, seeking their potential approval.Therefore, this new movement away from transparency and news validation may well derail the process However, transparency on the platform requires the CEO to limit secure encryption and to curtail free speech. Both of these are antithetical to CEO views on Facebook’s purpose. The conundrum is real. Libra to receive support from governmental sources, it must be increasingly transparent. Without transparency, few governments will likely approve the coin for use. So, the Libra naysayers point to the centralized problems as a reason for Bitcoin being the future of digital money instead and the current trajectory remains to be seen.

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