'Facebook has demonstrated through scandal after scandal that it doesn't deserve our trust... We'd be crazy to give them a chance to experiment with people's bank accounts,' Sherrod Brown said.
says Libra will run on a network structured for faster financial transactions, making it useful for everyday purchases.Marcus depicted Facebook's currency proposal as a means for differentiating America from other countries and advancing innovation.
Marcus' statements sought to address fears that Libra would undermine the dollar's status as a global currency."Nor will Facebook or the Libra Association position themselves to compete with sovereign currencies or interfere with monetary policy. In fact, the Libra Association will work with the Federal Reserve and other central banks to minimize the risk of any competition with their currencies or interference with their monetary policies.
A range of figures across the political spectrum are joined by their concerns about Libra. Facebook's priormean the company faces a more difficult task in convincing regulators that Libra will have robust safeguards, be monitored thoroughly and protect consumer information.
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