Facebook’s ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers, as it’s shadowed by negative comments from President Donald Trump, his treasury secretary and the head of the Federal Reserve.
Congress begins two days of hearings Tuesday on the currency planned by Facebook, to be called Libra, starting with the Senate Banking Committee. Meanwhile, a House Judiciary subcommittee will extend its bipartisan investigation of the market power of Facebook, Google, Amazon and Apple.
Facebook has “a lot of work to do before we get to the point where we’re comfortable with it,” Mnuchin said. The planned digital currency is billed as a “stablecoin” backed by deposits in sovereign currencies such as the dollar, euro and Japanese yen -- unlike bitcoin, ether or other digital currencies. Promising low fees, it could open online commerce to millions of people around the world who lack access to bank accounts and make it cheaper to send money across borders.
If they want to get into the financial business, Facebook and its dozens of partner companies in the venture will have to accept the kind of tight regulation that banks are under, Trump said.
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