Facebook’s Libra might not be the full answer to transparency issues

New Ideas in MarketingEssential news for marketers, summarised by YouGov
July 04, 2019, 4:33 AM UTC

The platform must look to add a layer of security.

Last month, the social media platform announced its cryptocurrency, Libra, positioning it as a tool to promote transparency. Facebook is currently trying to resolve the product’s kinks before its 2020 launch.

The author states that how Libra is implemented would matter more as compared to its claims to solve the transparency issues. The piece states the Facebook could do well to focus its human content moderators on ad spends.

The author expresses concern that, as it stands now, Libra seems to offer nothing different from the current processes that the social media platform has implemented to address transparency issues. The piece recommends adding a layer of security and oversight by requiring certain industries (those that might be regulated in real life) such as political or employment-related to exclusively use Libra.  

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