It’s a crucial time for Facebook, and the company itself knows this. After the official announcement of Libra, last week, the spotlight beamed on the firm and how it intends to handle copious amounts of financial data.
In the wake of the hearings and debates that are sure to precede the launch of Libra, the social media giant is taking proactive steps to quell concerns over the security of its cryptocurrency.
Need a Job?
Earlier today, the company put out a vacancy for the Head of Data Science at Calibra wallet- its in-house wallet application. Per the job description, the selected candidate will be in charge of monitoring and analyzing user data, while also coming up with resolutions on how these data can be progressively applied.
The company is calling for people with quantitative analysis, data presentation, and data handling skills for the role, as well as an ability to “drive data quality across the product vertical and related business areas.”
The job vacancy is the latest in Facebook’s sprawling efforts to beef up its blockchain posse. As it stands, the social media company has over 20 blockchain-related vacancies open, as they are looking to double down on the development of Libra and other associated endeavors.
However, one of the most exciting vacancies at the company would have to be the one for a Public Policy Manager. The vacancy, which was posted today as well, shows that Facebook is searching for an official who would analyze potential policy risks, while also “responding strategically to related legislative and regulatory initiatives.”
While there is a myriad of qualifications, Facebook specifically details experience in “payments, commerce, blockchain, digital identity, cryptocurrency, and related policy issues, as well as experience working on technology policy issues generally.”
The company’s search of a Policy manager is especially interesting, considering the situation that the company has found itself in. While there was a lot of anticipation concerning the announcement of Libra, even the staunchest optimist would agree that the reactions so far haven’t been particularly warm.
Regulators aren’t Fazed
While crypto heads have busied themselves by analyzing the asset and criticizing areas such as its multiple currency peg and whether- or not- it is truly decentralized, authorities have focused more on the risks it poses to customers.
A day after the Libra whitepaper was published, Rep. Maxine Waters, Chairperson of the U.S. House Committee on Financial Services, called for the social media company to delay its development.
In response to Waters’ request, the United States Senate has scheduled a July 16 hearing on the currency. Entitled “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations,” the hearing is set to look into a wide array of security issues, including how Facebook expects to ensure best practices in Anti-Money Laundering (AML) standards and handle Libra customers’ privacy.
Countries like Russia have been vocal about their distaste for the currency. Speaking to a local news outlet, Chairman of the Russian State Duma Committee on Financial Market Anatoly Aksakov said Russia won’t legalize the upcoming stablecoin from the tech giant.
The Bank for International Settlements (BIS) also issued a stark warning about the potential risks of the large tech firms entrance into the finance space and how it could disrupt the status quo.
The bank made this known in a new economic report titled Big Tech in Finance: Opportunities and Risks, where it specifically called out Libra. The institution, which is owned by the world’s central banks said regulators must ensure a level playing field and prevent the abuse of financial data by big tech firms.