In a leaked audio recording from an internal Facebook meeting obtained by The Verge, CEO Mark Zuckerberg expressed his thoughts about the social media giant's stablecoin project, Libra.
In the recording, Zuckerberg reiterated Libra's goal of trying "to stand up a new kind of digital money that can work globally, [and] that will be stable," adding that Libra is a new type of system that will be implemented by big companies and not just Facebook. "By the time it launches, we expect we’ll have 100 or more companies as part of it," Zuckerberg stated.
Zuckerberg also acknowledges that "finance is a very heavily regulated space" and that the Facebook team needs to have a more "consultative approach" when launching project that "touch very socially important aspects of society."
"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. There are a lot of requirements on knowing who your customers are. 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," said Zuckerberg
On the topic of public scrutiny the Libra project has experienced in recent months, Zuckerberg stated that he believed public hearings "tend to be a little more dramatic," than private ones, adding that private meeting with various regulators around the world are often "more substantive and less dramatic."