Libra Hearing | David Marcus: Calibra will comply with tax laws and work with the IRS

Beijing time today (July 16) at 22:00, the US Senate Banking Committee and the House Financial Services Committee held a hearing on the Facebook Libra project. The hearing was from David A. Marcus, the head of the Facebook Calibra team. Senator Menendez highlighted the US sanctions against some countries. How does Libra verify these transactions? Marcus is very helpless. Libra is a blockchain and belongs to the chain trading. The Libra Association is not in control. He also pointed out that unlike other cryptocurrencies, Libra does not fluctuate against the US dollar. Calibra will also comply with tax laws and work with the IRS to make it easier for consumers to calculate taxes and avoid burdens. However, some Members are still worried that Facebook's size is too big, and one move is to affect billions of users.