The head of Facebook's cryptocurrency projects David Marcus testifies before the Senate Committee on Banking, Housing and Urban Affairs.
The head of Facebook's cryptocurrency subsidiary David Marcus testifies before the Senate Committee on Banking, Housing and Urban Affairs Tuesday.
Facebook announced plans for a new digital currency called Libra. It's working in collaboration with several other founding companies.David Marcus, who heads Facebook's cryptocurrency subsidiary Calibra, isannounced its plans for the new digital currency Libra last month with the goal of making global financial transactions easy and free. The company tried to assuage concerns about its handling of consumer data by creating a nonprofit association with a group of founding companies that would manage the currency.
But the plan still quickly drew scrutiny from policymakers around the world. Following the announcement, Federal Reserve Chairman said, "Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability."
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