With all the noise surrounding the much anticipated Libra cryptocurrency from Facebook, the U.S. Senate Committee on Banking, Housing and Urban Affairs would like to know more about the new digital currency and has scheduled a hearing on July 16.
Dubbed as “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations,” it is an attempt by the congress to closely examine Libra and its potential risks.
The hearing is set on July 16 at 10 am EST and there is no information yet on who will be included during the hearing which will be broadcast to the public.
Some members of congress expressed concerns about the project pointing out that Facebook has too much power and terrible track record when it comes to protecting information that is incumbent upon them to hold Facebook accountable.
The Banking Committee has been seeking more information about Libra, including how it works and to what extent Facebook has sought input from regulators and market watchdogs.
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