US Hearing | Members questioned Libra's 1:1 reserve support

Babbitt News, at 2 pm Beijing time on July 30, the US Senate Banking Committee held a hearing to discuss current and potential regulation of the cryptocurrency and blockchain industries. Member Jontester said, "The Facebook guy who was present at the time, I asked if his account could be broken like my credit card. I didn't spend a penny because the bank handled this and their response was that they got 1 :1 support… This seems incredible to me. Do you think that is true?" Nelson said: "I think this depends on the situation. If Libra runs, it may cause problems." Baradaran said: In my opinion, they are trying to take the dollar… for cross-border transactions. In this case, that is what I explained, what do they offer, can we ask for 1:1 without letting them go bankrupt? Baradaran said: I think we are still uncertain, what is 1:1, still do not know What is actually made up of what.