Call it the maturing of a teenager.
Facebook, a 15-year-old company known to “move fast, break things”, is adopting a “more consultative approach” to Libra – its proposed crypto and blockchain, according to Mark Zuckerberg. In transcripts of internal meetings conducted in July, Zuckerberg discussed the current state of affairs for Libra and the company’s strategy to launch the blockchain.
Regulators and lawmakers around the world have mostly focused on the threat to sovereign currencies from a private coin like Libra. While he did not comment on this aspect of the criticism directed against Libra, Zuckerberg mentioned that the company intends to work with regulators at every step of the way.
“So not just show up and say, “Alright, here we’re launching this. here’s a product, your app got updated, now you can start buying Libras and sending them around.” Zuckerberg said, adding that engagement with regulators was an important part of the process.
In this case, engagement is not only limited to public forums, such as the Congressional and Senate hearings this past July, but also private meetings with regulators.
“The public things, I think, tend to be a little more dramatic,” said Zuckerberg. “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.” News reports have already confirmed that Libra officials met with regulators before announcing its launch.
Still, don’t expect Facebook to fall completely in line with regulator demands. Libra chief David Marcus has refused to stop development work on Libra, despite repeated requests from government officials. Facebook is hiring a rapidly-expanding roster of lobbyists in Washington D.C. in order to convince lawmakers about its crypto.
During the meetings, Zuckerberg mentioned that Libra is already being tested in India and Mexico.