Facebook’s Crypto Project Scheduled For Hearing By US Senate Banking Committee
The united states Senate for banking has declared that they will hear the testimony on Facebook’s most speculated Libra coin on July 16th. The news surfaced on June 18th on an economic news website.
It was previously reported that Facebook is working on to create a global cryptocurrency called “Libra.” This most awaited project of Facebook is going to face inspection from the Senate of Banking of the US. The committee said the hearing is intended to explore the project and any potential risk that may arise because of it.
Although no witness has been announced for the hearing yet and has not reached for a public schedule again, the committee has decided to webcast it on its official website. According to the sources, David Marcus will testify the hearing. He is responsible for overseeing the Libra project.
The Financial service committee has even demanded to halt the project until the hearing takes place, citing it may cause financial instability. The banking committee has sent an open note to Facebook last month questioning about the Libra project. Although Facebook has not yet replied to the letter but was told they will be addressing the Senator’s question, but will not be halting the project.
Although the head of the Federal Reserve of the US in his speech has told that Facebook has consulted regulators before commencing the project, the regulators from other countries have also expressed their doubts about the project. Bruno Le Maire, the French Economy Minister, has said the government wants to know about the guarantee of the Libra project. The chairperson of Duma, the Russian State Anatoly Aksakov has declared that they will not legalize Libra in their country.
Facebook has partnered with 27 collaborators to work on project Libra. They will be launching Libra wallet on WhatsApp, Messenger, and one more standalone app in 2020. They are focusing on countries like India and other nations where money transfer comes with exorbitant fees. Libra will not ask for any fees from its users as per Facebook; instead, it will be supported by the user’s assets.
