U.S. Senate Banking Committee to hold hearing on Facebook's Libra coin
The Senate Banking Committee recently made the announcement that the hearing centred on Facebook’s Libra Coin is scheduled on 16th of July 2019, Wednesday, reports MarketWatch.
The Facebook Libra Coin is a cryptocurrency venture which is led by the social media giant and shows ambition. The Facebook Libra coin is considered to be a highly frictionless method to conduct payments which take place completely over the internet and these payments are done fully using the latest blockchain technology.
MarketWatch reported that House Financial Services Committee head, Maxine Waters on 18th June said Facebook "is continuing its unchecked expansion and extending its reach into the lives of its users." The same report notes Facebook's response as: "We look forward to responding to lawmakers' questions as this process moves forward."
The Senate Banking Committee's hearing has been titled as “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations”. Recently, the banking committee also wrote an open letter to Facebook founder and CEO Mark Zuckerberg., The letter requested Facebook to share details about its secret cryptocurrency project and response on consumer privacy.
Previously many Congressional lawmakers demanded that Facebook should delay the rollout of their cryptocurrency. Facebook's Libra Coin is slated to launch at the second half of 2020.
It is also worth noting that the social-media outfit is wrestling with privacy concerns following its Cambridge Analytical Scandal.
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