Mark Zuckerberg Calls for Digital Community Self-Regulation

In a recent Facebook post Mark Zuckerberg considered a problem of governing the digital and crypto communities, naming existing governments as possible solutions, but stating that community self-governance is ”perhaps even better way”.

“One of the big questions for the next decade is: how should we govern the large new digital communities that the internet has enabled,” he stressed.

Focus on the next decade

In his long post Mark Zuckerberg elaborated on some urgent crypto issues of the 2020’s, one of them being digital regulation — an area closely related to the cryptocurrency industry.

Zuckerberg talked about social media, such as Facebook, noting that each ecosystem means a certain compromise 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,” he stressed, adding:

“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.”

These views of Facebook’s CEO are explained in more detail in his article for the Washington Post.

The cryptocurrency industry also has to deal with the same challenges, one of them concerning Know Your Customer (KYC) procedures and cryptocurrency exchanges.

In a document on the importance of KYC, Barclays states that it helps reduce criminal activity.

Conversely, when private user data is accumulated by a centralized entity, it becomes vulnerable to hacks.

As reported, in August 2019 Binance was breached, and a massive amount of data was leaked in the internet. Millions of users also were impacted by the Equifax hack in 2017.

The issue of regulation

As Zuckerberg states, government guidelines developed by digital communities may ensure better overall validity, than rules introduced by companies.

The CEO also noted that several areas, such as election and privacy, desperately require regulatory clarity.

He also mentioned community self-regulation as possible solution, referring to the project run by Facebook, aimed at addressing the matter.

The crypto industry also feels regulation issues aggravating which is reflected in its title — Wild West.