Head of Libra Project appears before Senate Banking Committee

16 Jul, 2019
by David Borman
Regulation
Head of Libra Project appears before Senate Banking Committee

It has been reported by Bitcoinist that today David Marcus, head of Calibra and the Libra Project, appear before the United States Senate Banking Committee to answer questions concerning the new Libra currency. Marcus made general promises to work with US regulators, but was still vague on some issues with data privacy.

The hearing was titled "Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations" and covered such things as how Facebook plans to integrate the Calibra wallet into their WhatsApp and Messenger platforms.

When asked why the Libra Association is located in Switzerland, Marcus explained that it is because that is where other major international financial groups are located, like the Bank for International Settlements. He also clarified that there is no intention to avoid oversight and agreed that the US Department of Treasury’s Financial Crimes Enforcement Network should regulate the currency.

When lawmakers brought up concerns over data privacy Marcus parroted the line that users would not have to trust Facebook as it is only one of the 28, expected to be 100, organizations involved with the project. He also failed to elaborate on whether user data tied to transactions would be stored by Facebook.

One other aspect Marcus was elusive on was how much money Facebook has invested in the Libra Investment Token, the sister token to the Libra. He only commented that Facebook had not decided how much to invest yet.

The hearing left some questions unanswered and hence lawmakers don't seem to be entirely satisfied, but at least the conversation has begun. Stick with Chepicap for all updates on the Libra currency!

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