Libra hearings testimony exposure: no intention to compete with traditional currencies

category:Internet
 Libra hearings testimony exposure: no intention to compete with traditional currencies


Wen/Ding Yuan

David Marcus, head of the Facebook Block Chain Project, will attend Libra hearings of the Senate Banking Committee and the House Financial Services Committee.

Early testimony shows that the Libra Association will manage Libra reserves, and Libra has no intention of competing with any sovereign currency or entering the field of monetary policy. Marcus will also say that Facebook will not rush to launch Libra until regulatory concerns are fully addressed and approved.

Previously, Federal Reserve Chairman Powell, US President Trump and Treasury Secretary Mnuchin expressed concern or criticism about Libra.

Powell said Libra raised serious concerns about privacy, money laundering and financial stability, which had to be thoroughly addressed before it was launched; Trump said digital currencies such as Bitcoin were not money at all, Libra was almost unreliable and Facebook had to be regulated to become a bank. Mnuchin said the government was seriously concerned about Libra, a national security issue.

Source: First Financial Responsibility Editor: Qiao Junjing_NBJ11279