David Marcus, the head of Facebook's blockchain division, published a column where he responded to the claims regarding the decentralization of Libra and regulators' fears.

David Marcus, head of the blockchain division of Facebook, which is involved in the creation of Libra, wrote a column where he tried to give answers to the most burning questions concerning future cryptocurrency.

“We made the deliberate decision to announce the plans for Libra early. This was after an initial consultative phase with regulators, central banks, and other organizations from all around the world. Our rationale was simple: We wanted to encourage open discussion by design.”

Marcus acknowledged that the Libra network is not as decentralized as a number of other blockchains, and does not function as a decentralized Bitcoin network, where anyone can participate in the consensus algorithm. According to him, at the initial stage, it is crucial for Libra to allow only proven experienced entities to act as nodes in order to ensure the integrity of the network. Marcus emphasizes that "one hundred geographically distributed, industry-diverse organizations is quite decentralized."

"Maybe not enough at equilibrium, but to start."

Facebook and Libra are ready to cooperate with regulators, central banks and lawmakers in the fight against money laundering and terrorism financing. According to Marcus, Libra will stimulate digitalization of transactions that means it will contribute to the proper implementation of the global practice of KYC and AML, as most illicit transactions are efectuated in cash. This will increase the effectiveness of monitoring and controlling financial crimes.

"We will - and more importantly, the Libra Association will - continue to engage proactively and openly with all relevant stakeholders on these key issues. Libra should improve detection and enforcement, not set these back."

Marcus notes that the goal of Libra is to give access to financial services to unbanked persons who currently cannot afford high commissions.

“With Libra, anyone with a $40 smartphone and connectivity will have the ability to securely safeguard their assets, access the world economy, transact at a much lower cost, and over time access a whole range of financial services.”

Marcus also noted that Facebook is not the only company involved in the development of Libra, and that the Libra Association includes 28 organizations.

“Facebook will not control the network, the currency, or the reserve backing it. Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges.”

Facebook will operate Calibra wallets network through its legal subsidiary Calibra Inc., but social network will not receive any financial data from Calibra Inc. "Bottom line: You won’t have to trust Facebook to get the benefit of Libra."