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Cryptocurrencies

Senate panel calls over Facebook's Libra digital currency project

Friday 21 June 2019 | 10:52 AM CET

On 16 July 2019, Facebook’s plans to create a global cryptocurrency have faced scrutiny from the US Senate Banking Committee.

The hearing aimed to explore the Libra project, as well as any data privacy considerations it may raise. No witnesses were announced yet, according to a committee spokesperson. The announcement came one day after the social media company unveiled plans to launch the global cryptocurrency. This attracted attention from regulators across the globe, and skepticism from Washington.

Moreover, the House Financial Services Committee representatives said they planned to call Facebook to testify, and asked the company to halt the project while policymakers studied it. Facebook hopes to launch the Libra in Q1 of 2020, in a bit to not only power transactions between established consumers and businesses globally, but also offer unbanked consumers access to financial services for the first time.

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