Mark Zuckerberg talks about the regulation of the digital community
Mark Zuckerberg, the CEO of Facebook, made a post in his digital medium that ensures the need to establish regulations in the digital community and proposes some alternatives to overcome the challenge.
Facebook CEO proposes regulations
Mark Zuckerberg, CEO of Facebook, made a post on his social media site that ensures the need to develop an efficient system for monitoring the digital world. According to Zuckerberg, we are currently facing the difficulty of determining how to "govern the new and large digital communities that the internet has enabled."
The Facebook CEO added: "It is rare that there is a clear 'correct' answer, and in many cases it is so important that decisions are made in a way that feels legitimate to the community. From this perspective, I do not believe that companies privates must make so many important decisions that affect fundamental democratic values."
Zuckerberg has proposed as a possible solution the implementation of government regulations because he believes that it would provide greater general validity compared to the self-regulation of companies. He also proposed as another alternative the creation of a community self-government system, ensuring that Facebook is already working on the development of a project related to this issue.
Regulations in the crypto industry
Within the cryptocurrency industry, efforts have long been made to provide a minimum regulatory framework, especially with regard to sensitive user data. A clear example of the efforts of crypto companies is the implementation of the KYC (know your client) system. The implementation of KYC has as its main objective the reduction of criminal activities. However, one of the biggest problems facing the KYC system is that sensitive data of people is supplied to centralized entities. The specific problem is the risk of data theft to these centralized entities, as happened in August 2019 with the Binance cryptocurrency exchange that received a significant violation of their databases, which resulted in the publication of confidential information of their customers throughout the network.