Facebook CEO Mark Zuckerberg believes the digital currency space needs oversight not just by government regulation but also community self-governance, which he termed as “another and perhaps even better way”. He said in a Facebook post;
“One of the big questions for the next decade is: how should we govern the large new digital communities that the internet has enabled,”
In a lengthy post on the social media site, Zuckerberg said his focus this new decade would include digital governance which is an area that also pertains to the digital ecosystem found within the crypto space. He pointed out to social media operations such as Facebook stating that it could not be without compromises in ideals. “Like between free expression and safety, or between privacy and law enforcement, or between creating open systems and locking down data and access” the CEO said. He added;
It’s rare that there’s ever a clear ‘right’ answer, and in many cases it’s as important that the decisions are made in a way that feels legitimate to the community. From this perspective, I don’t think private companies should be making so many important decisions that touch on fundamental democratic values.”
According to the Facebook CEO, regulation may be the solution to the dilemma the community faces when it comes to governance. He feels that government guidelines may provide further overall validity than if companies lay down their rules. Zuckerberg touched on the need for regulatory clarity in several fields such as elections and privacy. He also said that he believes community self-governance can be an option, listing a venture that the social media giant is working on in regard to this.
Mark Zuckerberg who has had to defend his firm’s Libra project on a number of occasions brought up the crypto regulation issue probably because of the difficulties the industry had faced. The industry has felt growing pains in terms of a lack of regulation which is evident in the industry’s title, the Wild West.