Christian Catalini, the head economist at Calibra, the Facebook subsidiary in charge of the launch of Libra and its associated online digital wallet, said that from the beginning the plan for the cash-backed cryptocurrency was to profit from advertising and not the sale of private data.

Blockchain will enable Libra cryptocurrency to be transferred without the need of a typical financial services clearance and settlement process, which can take days and require additional fees from central banks and other settlement organizations.

He is now leading Facebook's new digital wallet division, Calibra.

Blockchain will also reduce the cost of user verification, or the fact that one pre-verified entity has sent a payment to another verified entity.

"So, far, almost no data on the internet has been really secure.

Catalini, who was interviewed as part of MIT's Sloan Expert Series, also addressed the regulatory pressure purportedly that resulted last month in more than a half dozen members of the Libra Association bailing.

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