MENLO PARK, Calif.—Facebook blockchain lead David Marcus told U.S. lawmakers that the social media giant plagued by privacy scandals won’t have access to personal financial information with its new cryptocurrency.
In a letter this week to the Senate Banking Committee—responding to questions the lawmakers sent in May—Marcus acknowledging the panel’s concerns about data privacy, telling them: “I want to give you my personal assurance that we are committed to taking the time to do this right.”
A similar letter was sent to the House Financial Services Committee, CoinDesk reported.
In the letter to the Senate, Marcus said personal data would not be attached to any transactions conducted on the Libra blockchain, CoinDesk reported.
“Similar to existing and widespread cryptocurrencies such as Ethereum and Bitcoin, transactions that take place directly on the Libra Blockchain are ‘pseudonymous,’ meaning that the user’s identity is not publicly visible,” he wrote, reiterating a promise Facebook has been making since it unveiled the Libra project last month.