FB blockchain leader Marcus: Libra will not compete with sovereign currency

According to foreign media reports, David Marcus, the head of social networking giant Facebook, which oversees the distribution of Libra's cryptocurrency, plans to tell US lawmakers that Libra's cryptocurrency is not built to compete or intervene with sovereign currencies. Monetary Policy.

Marcus also plans to swear that the company will not launch such a digital currency until the issue of regulatory concerns is “fully resolved” and the Libra project is approved by the regulator.

According to Marcus’s testimony issued by the US Senate Banking Committee, Marcus will say: “The Libra Association, the governing body behind Libra, the new digital currency, has no intention of competing with any sovereign currency or entering the monetary policy arena. It is the responsibility of the central bank."

The US Senate Banking, Housing and Urban Affairs Committee will hold a hearing on Facebook on July 16 for Facebook's new cryptocurrency Libra. The theme of the hearing was "Reviewing the cryptocurrency proposed by Facebook and its impact on privacy protection," as US lawmakers called for a closer review of Libra and its potential risks. Some even asked to stop the work of the project before the hearing.

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After news about the hearing broke, the committee’s 2020 presidential candidate, Elizabeth Warren, said on Twitter: “Facebook has too much power to protect our private information, but its past performance. It’s terrible. We have to take responsibility for them – don’t give them a chance to get more user data.”

Source: Tencent Technology

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