Facebook called before Senate panel on digital currency project ‘Libra’

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Facebook called before Senate panel on digital currency project ‘Libra’

On Wednesday, the 19th of June 2019, US Senate Banking Committee had issued a legal statement calling Facebook executives before a senate panel on July 16th to clarify the social networking tycoon’s digital currency project ‘Libra’, which had already shown strong intent to reach its large user-base bypassing traditional financial services.

Nevertheless, the latest call for a senate hearing came after a day Facebook Inc. had revealed its intent to create a global cryptocurrency, which had already met with many wary eyes of global policymakers. According to the US Senate banking Committee’s Wednesday’s (June 19th) statement, the hearing scheduled to take place by July 16th would explore the ins and outs of the crypto project, dubbed as ‘Libra’, while the senate panel would be reviewing whether there would be any data privacy consideration.

Nonetheless, a committee spokeswoman said that no witnesses had been considered yet. However, a source in Washington with direct knowledge regarding the matter had been quoted saying that David Marcus, the person responsible for overseeing world’s No.

1 social networking service provider’s blockchain efforts would be testifying at the July 16th’s hearing. In point of fact, in context of wide-ranging criticisms across the world over Facebook’s crypto project amid a bunch of anti-trust issues, Representative Maxine Waters, Chairing the House Financial Service Committee, had asked the US-based social networking mogul to cease the project until it received a green-light from the policymakers