17/07/19 08:00 UTC-4

Libra Project Manager appears before the Senate Banking Committee

CryptocurrencyDiscussion about the Libra in the Senate Banking Committee
Discussion about the Libra in the Senate Banking Committee

On July 16th, there was a hearing about the Libra digital currency from Facebook. David Marcus, head of the Libra project, appeared in the United States Senate Banking Committee to answer questions about the new cryptocurrency.


Libra cryptocurrency hearing

At the meeting, David Marcus, head of the Libra project, answered questions from interested US lawmakers on the Senate Banking Committee. Lawmakers are concerned that the Libra, Facebook cryptocurrency, can operate outside the regulatory control of the authorities, and function as a haven for illegal criminal activities.

Markus explained that he did not intend to avoid supervision and agreed that the Treasury's Financial Crime Control Network should regulate any currency.

He made promises to work with US regulators, but he still hasn’t decided on some data privacy issues.

Interesting in the section: Сryptocurrencies and democracy

When Marcus was asked why the Libra Association is in Switzerland, he explained that this was because it was there that other major international financial groups were located, such as the Bank for International Settlements.

Asked about the intricacies of cryptocurrency, David Marcus said: "Facebook will integrate only its Libra cryptocurrency wallet into Whatsapp and Facebook Messenger. Libra will not build wallets from competitors, but the Libra wallet will interact between users who want to send money between other cryptocurrency wallets."

Ultimately, this means that now Facebook's wallet will be the only one integrated into its application system, and this can give a huge competitive advantage over other companies, such as Coinbase, Paypal, and future developers of digital asset wallets.

An aspect that Marcus did not know about was how much money Facebook invested in the Libra Investment TokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details
. He only commented that Facebook has not yet decided how much to invest.

The hearing left some questions unanswered, and therefore the legislators did not seem to be fully satisfied, but many are satisfied that something is cleared up.

David Marcus answers questions about the Libra cryptocurrency before a US committee. Recall, the President of the United States of America, Donald Trump, on July 12, expressed his negative opinion on the cryptocurrency industry. The president criticized the BTC, as well as the cryptocurrency payment network from Facebook, Libra, which attracted the attention of many participants in the crypto-system.

See also: "The unstable situation in the crypto market, coins fall in price again"

#cryptocurrency #Libra #USA #The Senate #Facebook

Editor: Godfrid Brower


12/10/19 04:20 UTC-4

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